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Father was guarantor in bank loan am I liable after father death
08-Jul-2023 (In Recovery Law)
Hi Sir, Recently , my father expired due to ill health on jan 2016. Now, I need a small legal advice regarding surety in bank loan. Actually, my father kept his name as a surety for some other person. So, the person who took the bank loan is not paying interest and principle amount. As now, my father is expired, is there any law that his sons has to pay the surety amount for other person's loan?
Where your father was a guarantor in case of a loan taken by a person, if that person is paying the loan amount with interest then you won’t be liable to pay anything. In case of default in making payment by the said person, the lender can file a case against the borrower and the guarantor and the property of the guarantor is to be attached. Therefore if the said person fails to pay back the loan then the bank can attach the property that belongs to your father.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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