Mohamed Shakeel (Proprietor) 07 January 2014
Sir in a Bank Loan when third party guarantee is given, what is the consideration from the Borrower to the Guarantor?. If this is absent will there be a discharge of surety?. If the Guarantor's property is sold by the Creditor and the Guarantor invokes Indemnity right will it stand without a valid agreement with consideration between the Borrower and Guarantor?
narendra.s.p (Chief Manager(Law)) 08 January 2014
127 of Contract Act:.Consideration for guarantee.-Anything done, or any promise
made, for the benefit of the principal debtor, may be a sufficient
consideration to the surety for giving the guarantee.
SHIRISH PAWAR, 7738990900 (Advocate) 08 January 2014
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