about agreement of guarantee
Vivek Patel
(Querist) 18 July 2016
This query is : Resolved
My father signed as a guaranter in his friend's loan before 3 years in CO operative Society. But now my father is no more, He died before 1 year. But his friend has not completed his loan yet and loan is overdue. So in case of death of guaranter the liability of his heirs exist or not? Can I do the process of share transfer in society as heirship or not? After death of guaranter, Is contract void or not? This type of guarnatee is said general guarantee or continuing guarantee?
Vivek Patel
Ahmedabad
kavksatyanarayana
(Expert) 18 July 2016
the legal heirs of the deceased shall clear the liability.
P. Venu
(Expert) 19 July 2016
However, the liability of the legal heirs is restricted to the estate they had inherited from the deceased.
