guarantors liability to repay the loan
06-Jul-2023 (In Banking / Finance Law)
I got tractor loan from the Indian bank by keeping my property as a guaranty. i paid all my dues and got the no due certificate from the bank. In between time i put guaranty to my cousin's tractor loan. he did not clear his loan as he has dispute with bank that he put case against the bank that his name was removed by the bank officials in the subsidy list. for that they refuse to return my property document which has no connection with my cousin's loan. does they have right to do this?
No, they doesn't have rights to hold your property document as per your case..So you can look for legal option to recover the document from the bank..as long as your cousin is announced as a defaulter, you are no liable to give his debt
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