B.Parthasarathy (professional) 20 October 2010
Sir/Madam,
Whether a Surety, who stood guarantee for a vehicle loan by depositing title deeds of his properety, liable to the Creditor Bank even after the Creditor and Principal Debtor settled for a one-time settlement of the loan,without the knowledge of surety, by waiving all interest. The Creditor Bank, after issuing NOC and Form-35 to the vehicle,after one-time settlement, suing the surety for the balance. Whether Surety liable?
Sarvesh Kumar Sharma Advocate (Advocacy) 20 October 2010
Surety liable for knowing the loan taking persone and d assest on which d loan granted.
SACHIN AGARWAL (ADVOCATE) 24 October 2010
Since the loan account has been finally settled between the borrower and the Banker and the Bank has issued the N.O.C. and Form 35, the liabilitie sof the surity came to an end and thereafter the Bank cannot sue the surity. If so, it is totally wrong and illegal.
Satya Narayana Palukuru (Advocates & Mediators.) 25 October 2010
any changes or terms and conditions of loan without the knowledge of surety absolves his right.
Here in this case it has been finally closed. contest the matter .
Abhishek Marvi (ADVOCATE) 07 December 2010
surety is not liable because bank can not give N.O.C. before all the dues ,installment are properly clear,in so far as give N.O.C. and form-35 to creditor ,bank have no right to any demand from surety
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