Bank loan

VIJAY K. TEOTIA (Querist) 11 August 2010 This query is : Resolved
In a personal bank loan to an individual, company is the guarantor and an individual had signed as witness. what is the liability of witness in case there is default in payment. how the bank can recover its dues. what procedure bank has to follow for recovery.

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Devajyoti Barman (Expert) 12 August 2010
The witness has got no liability in that bank loan.
If the bank is not the secured creditor then it will have to file suit for recovery of money.

Madhav Dongre (Expert) 12 August 2010
No witness is necessary for a guarantee. If taken he is not at all liable. Bank can recover dues by filing suit in apropriate court/tribunal against borrower and guarantor/s.

mahendrakumar (Expert) 12 August 2010
yes,witness has no liability for any such transactions,other than identifying the person.

s.subramanian (Expert) 12 August 2010
witness is not liable.

VIJAY K. TEOTIA (Querist) 12 August 2010
Thanks for opinion to all.

Parthasarathi Loganathan (Expert) 12 August 2010
Witness only confirms physical availability of persons who executed the documents.

masood ausaf (Expert) 13 August 2010
In case of default the bank has the right to recover the outstanding dues by filling the recovery suit against the borrower and the guarantor only and the witness has no liability as he has only identified the persons who has signed the documents. He can be produces as a witness in case the person signing the documents deny their signature on the said documents.

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