i want to know about my rights as a guranator

Your Guarantee will be as per the Terms of Your Guarantee deed .

In Genral ,  the liability of  Guanrantor will be co-extnessive with that  of the Borrowerand not with standign the enforceemnt of other secuirties- like Hypothecated Computers /latops etc .

 

As suggested by Y V V Rao, the liability is co-extensive, however the rights accrue to you under the following sections of the Indian Contract Act:

140. Rights of surety on payment or performance.- Where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has taken place, the surety, upon payment or performance of all that he is liable for, is invested with all the rights which the creditor had against the principal debtor.

141. Surety's right to benefit of creditor's securities. – A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of surety ship is entered into, whether the surety knows of the existence of such security or not; and, if the creditor loses, or, without the consent of the surety, parts with such security, the surety is discharged to the extent of the value of the security.

you have informed the bank about sale of mortgage property, if you have proof of the same, then same can be filed, when bank will take legal action. your plea should be that bank has lost its security despite notice given by you, therefore you will stand discharge upto that amount.