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Withdrawing guarantee given for mortgage of agricultural land
08-May-2023 (In Civil Law)
I am guaranter I have mortgage my agriculture land how can I withdraw my guarantee
First you should to verify that whether amount has been paid for which u were made gurantor. If the amount has been paid then the agency will issue Noc/ certificate of discharge of gurranty to the gurrantor and the other document related to you
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Adv. Mohit Kakkar
Chandigarh | 25+ Answers
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For withdrawal of guarantee, you shall have to give a written notice to the creditor (bank) stating reasons for the withdrawal of your guarantee. Usually the bank will ask the principal debtor for fresh guarantor and shall release your title deeds only after the principal debtor provides fresh guarantee. Incase bank refuses, you can file a civil suit for redemption as per provision of TP Act.
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Adv. Anshul Mangla
Chandigarh | 25+ Answers
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If case has been disposed off. Then you have to make application to discharge surety then concerned Court will pass order and your land will be discharged from the surety.
But if in case, matter is pending then court will issue notice to the accused and after his/ her reply. If court will de for to discharge surety then court have to pass order for discharge of surety and also to arrange new surety to accused persons.
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Adv. Jagan Nath Bhandari
Chandigarh | 100+ Answers
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Dear Sir,
The process for withdrawal of guarantee is simple and hasslefree. All you have to do is send a registered letter to both the Bank and the Borrower stating your intention to withdraw your guarantee. keep the receipt as proof and also get an online postal history of the same to see if it has been received by the parties or not. Once done, you are free from being the guarantor. However, the process for the same is slightly different in case you have mortgaged a property. In such a situation you have to approach the bank and borrower in the same manner to withdraw your guarantee as stated above. However, you also have to state that you wish to withdraw the mortgage as well. If the bank refuses to let you withdraw the mortgage then you can always take legal action against the bank as well as the borrower to get the mortgage removed.
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Adv. Hargun Singh Bhatia
Chandigarh | 25+ Answers
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