liability of the loan guarantor
I have do guaranty of my relative in a finance co.my relative gave no emi.company do case in sole arbitration act.I have no property and anything on my name.what will can be against me.how I will be safe?
You acted as guarantor of loan taken by your relative so the finance company will proceed against both of you and obtain award against you before sole arbitrator. The liability of principal debtor is co extensive with that of guarantor so the company can attach your property if any in recovery of loan.
Further, if you dont have any property finance company can proceed personally against your relative and you to recover funds advanced
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- What is the procedure to change name legally?
- can we run multi level marketing legally without any risk of crime?
- Legality in shared property ownership between unrelated parties
- Procedure of converting Sole Proprietor into Pvt. Ltd.
- Recovery of property from SBI purchase under SARFAESI ACT 2002