What is a surety

Aftab4u (Querist) 22 May 2012 This query is : Resolved
Dear Experts,

What is called a surity and who is the person eligible to give the surity ? is there any difference between private employee and govt employee for giving the surities ? what is the value of a private person giving surity and the person who is a govt employee giving the surity !

The surety given is for private loans / chitfunds.

Thanks in advance
AFTAB

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SAINATH DEVALLA (Expert) 22 May 2012
An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act,is known as a SURITY.

The Value of the person giving surity depends on his financial standing,whether he is a govt or a private employee does not matter.

Aftab4u (Querist) 22 May 2012
Thanks Sir,

For ur reply, the person given surety left the job due to personal reasons and he don't have any property assets also. along with him 3other people who are state govt employee given surety to the private chitfunds in this scenario how the chit funds will recover the money from the sureties. The person who availed loan expired and the legalheir of the deceased is saying he doesnt have responsible for the same. Chitfunds officers saying they will recover from the salary of govt employees. Pls advice

kuldeep kumar (Expert) 22 May 2012
guarantee is revoked if he is died as for future but not before.no action for LRS

Shonee Kapoor (Expert) 01 June 2012
Nothing more to add.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

What is a surety

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