Protection of witness of loan in case of default by the borrower
15-Sep-2023 (In Recovery Law)
My father works in an organisation. His friend took a personal loan from the same organisation and father acted as a witness. Now he is not paying loan and is a chronic defaulter. Also, he took voluntary retirement from the organisation almost 10 yrs ago and went to his village in and is residing there. Now my father has received notice that EMI's will be deducted from his salary henceforth. Kindly provide me the remedy.
My Response to your query:
Your father have to appear before and respond the said notice meantime your father have to contact that friend and ask to pay the EMI and other debt.
If friend not responding your father may send him legal notice through Advocate and same present before the organisation who issued notice to your father..
Your father has responsibility to present that friend and to pay the lone amount.
For More detail you may contact me.
Thank you
Your father have to appear before and respond the said notice meantime your father have to contact that friend and ask to pay the EMI and other debt.
If friend not responding your father may send him legal notice through Advocate and same present before the organisation who issued notice to your father..
Your father has responsibility to present that friend and to pay the lone amount.
For More detail you may contact me.
Thank you
You inform your father friend's whereabouts to the said organisation.. With support to it also inform all ownership movable immovable properties of your father friend's to the organisation.
If defaulter is being failed then Surety is being a responsible Person to pay the loan amount is a general rule, but for that regards payee organisation should do all efforts to recover loan from primary defaulter then only they are having right to approach to Sureties.
Check which activities did by payee organisation to recover loan from primary defaulter i. e. your father friend's.
Contact me I will give u better way..
If defaulter is being failed then Surety is being a responsible Person to pay the loan amount is a general rule, but for that regards payee organisation should do all efforts to recover loan from primary defaulter then only they are having right to approach to Sureties.
Check which activities did by payee organisation to recover loan from primary defaulter i. e. your father friend's.
Contact me I will give u better way..
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
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