Contract Act Section 133 to 144
Rudra Dev Bagchi
(Querist) 27 March 2018
This query is : Resolved
In the deed of Guarantee of the bank specific clauses are there where it is said that the guarantor by signing the documents gives up his rights under section 133, 139, 141 and 144 of the Indian Contact Act. In the circumstances can the guarantor at a later stage claim his rights under section 133, 139, 141 and 144. Please elucidate.
Guest
(Expert) 27 March 2018
You have the need to concentrate on your study material. Real problem, if there be any, should be discussed, rather than asking for elaboration of the sections of Contract Act for the purpose of solving your academic question.
Ms.Usha Kapoor
(Expert) 28 March 2018
YES!the guarantor AT A LATER STAGE CAN CLAIM THESE RIGHTS U/S133,139,141 AND 144 OF Indian CONTRACT ACT.
R.Ramachandran
(Expert) 28 March 2018
@Ms.Usha Kapoor,
What are you saying?
Suppose on the basis of the terms of the Bank Guarantee (where the surety has given up his rights under the said Sections) once the bank acts on the Bank Guarantee - where all the said provisions have been attracted - how can the guarantor/surety take back those rights?
What is the legal basis for you to say so?
Guest
(Expert) 28 March 2018
Ms. Usha Kapoor always thinks exceptionally beyond the scope of law. Her thinking is great without understanding the basic concept and meaning of guarantee. She does not mind if the querist gets profusely misled by her advice.
Guest
(Expert) 28 March 2018
Absolutely no scope of restoration of rights. Rights given up by the guarantor through guarantee denotes that the guarantor has been made totally handicapped from claiming his rights under the sections in question. Rights cannot automatically be restored unless the bank restores his rights by entering in to a fresh agreement with the principal and the guarantor after specifically scrapping the earlier agreement and guarantee with due mention in the new agreement.
Guest
(Expert) 28 March 2018
As like a bad worker fights with his own tools, she seems to prefer fighting with her own misconceptions about law.
