Guarantor

Pradeep Kumar (Querist) 17 October 2010 This query is : Resolved

Respected Lawyers,

Can "Gurantor" withdraw himself after becoming "Gurantor of loan" after 1 year? The person who has taken loan is defaulting in payments to bank.

Adv.Pradeep Khatana

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Khaleel Ahmed Mohammed (Expert) 17 October 2010
No

Parthasarathi Loganathan (Expert) 17 October 2010
I disagree with Khaleel Saheb. If the guarantor wants to withdraw his guarantee he can represent the matter to the Bank who takes up with the principal borrower to put forth another guarantee from a third party. But this is only in Practice.

Chetan Pichamuthu (Expert) 17 October 2010
Mr Partha is right, a Guarantor can withdraw by issuing letter to Bank. Thou usually the agreement is renewed every year, he can also desist from continuing as guarantor.
But if in the given instance the bank has already intitiated recovery proceedings then it will be obliged to release u as guarantor.

Kirti Kar Tripathi (Expert) 18 October 2010
U also agree with Mr. Parth . for this he has to represent the Bank. however, it is discretion of the bank.

Pradeep Kumar (Querist) 18 October 2010

Respected Lawyers,

Thanks.I am also searching Judgments on that.I guess "Gurantor" can withdraw,thanks to all of you.I appreciate it.
Thanks.

pawan sharma (Expert) 18 October 2010
if the new gurantor is agree to take the guarantee then the first gurantor can discharge .

Devajyoti Barman (Expert) 18 October 2010
Yes but with the consent of the creditor.

Sri Vijayan.A (Expert) 18 October 2010
1. This is at the discretion of the financier.
2.A new guarantor has to come to take the responsibility.
3.He must be competent to enter into contract.

aman kumar (Expert) 20 October 2010
agree

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