Decree Execution process

Ok let me try to explain in points:- 1) Rajasthan bank opened a current bank account of permeshwarlal for behala industrial. 2) In order to obtain an overdraft facility they kept there property with the bank in order to obtain a loan from the bank and made one of his friends as a guranter named nazma . 3) after taking a loan on 15th october 1885 parmeshwar lal made a release degree on 12th november same year. My question is to you since he made a release degree after loan the guranter is claiming that he is the owner is the release deed valid we bought the decree from the bank and wanted to sell the property but the guranter is saying he is the party and he will pay the devreetal amount. Is he a party? Is the release degree valid? Is it illegal to make such release degree