Commercial
nishad
(Querist) 01 May 2010
This query is : Resolved
Dear All,
Can a legal document for the purpose of availing a credit facility in india be signed by one of the guarantors residing in a foreign country?he executes the guarantee and send across to India.No POA involved. will this be binding on him as he was not present in the country where the consideration falls ie: India.
Please advise....
nishad
(Querist) 04 May 2010
can any one help here?
suren
(Expert) 04 May 2010
The Guarantor is a person who provide guarantee to the financer that in the event of non-payment of loan by the borrower, Guarantor will owe the loan and will re-pay the loan amount alongwith interest.
Once Guarantor sign legal paper and on the basis of his guarantee Financer release loan to borrower, in such a situation Guarantor can not say that he is residing in a foreign country.
