Esecution of court order
venkat reddy
(Querist) 06 March 2009
This query is : Resolved
A(JD1) has obtained loan from a bank B(JD2) abd C(JD3) stood as guaranters B is the father of the A who is died C has taken VRS but the court passed an order to recover the amount from the retirement benefits of the C could lower court had the ample powers to pass an order such type.
AEJAZ AHMED
(Expert) 06 March 2009
Yes,
Because, both B & C stood as surety/Guaranter against the Loan Transaction of A.
Here the important one is " Surety-Guaranty Bond/Agreement ".
In such Loan Transactions, Bank or chit funds got execute the Surety/Guaranty document of every guarater for full Amount, not as Jointly for part or percentage.
Therefore, in your case, C is held liable for full and complete debt of A.
Court can pass order for attachment and stay of release of final settled amount on VRS.
V.V.RAMDAS
(Expert) 06 March 2009
Hi! Venkat,
I fully agree with Mr Aejaz,as he gives good and correct speaking answer to all the questions where answers.
Srinivas.B.S.S.T
(Expert) 07 March 2009
Yes it is the case of joint and vicarious liability
B.B.R.Goud.
(Expert) 07 March 2009
yes, it is the case of joint and vicarious liability
