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Imran (propriter)     11 June 2011

please help

My father was an guarantor to his friend for loan against goods for his shop but after some days borrrower dies and his daughter staying with him refuse to pay the loan So i want to know who will responsible for repayment of this loan Guarantor or family member... Please help me..


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 4 Replies

Sarvesh Kumar Sharma Advocate (Advocacy)     11 June 2011

alredy answerd!

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(Guest)

Guarantor will be liable if legal successor refuses to pay. Lender has the option to chase Guarantor.

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Imran (propriter)     11 June 2011

Thanks for ur advise.. But i want to know more if borrower daughter is financially sound good and rented his father shop to other in which his father had taken a loan against goods but she is refusing to pay loan then what my father can do now who is guarantor so we can go further in court or any other option to escape from this loan matter. Please advise

(Guest)

As I say Lender has the option.  If the money is recovered from the guarantor he enters into the shoes of the

Lender and thereafter guarantor can recover from the borrower daughter to the extent she has inherited borrowers estate.


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