Vehicle loan payment by Surity spouse

Md Omar farooq (Querist) 27 February 2016 This query is : Resolved
One person took vehicle loan from bank and my friend stood Surity for that person who took loan was employee but he left job now my friend had died do his wife has to pay the loan amount

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Devajyoti Barman (Expert) 27 February 2016
The guarantor always stands as personal guarantee to a third party loan and hence the guarantor is never a secured borrower and subsequently his guarantee does not pass to his legal heirs.
So his widow is not liable for the same.

BAALASUBRAMANNYAMM (Expert) 27 February 2016
Agreed with Barman jee.

Rajendra K Goyal (Expert) 28 February 2016
Guarantor is liable for the default of borrower.

If the legal heirs inherited property of guarantor, LH are liable to pay to the extent of property received after the death of the borrower.