surety

Querist : Anonymous (Querist) 09 January 2016 This query is : Resolved
my father was surety for someone's loan couple of years ago and now he had died 2 years ago.today we received a notice from bank that the person who took the loan had failed to repay the loan and my father has to repay the loan.but iam confused as our family was unaware of this surety and all.so what do we do?can you give advice and suggestions on this.thank you

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SURESH BV, Advocate (Expert) 09 January 2016
It is the primary duty of the borrower to repay the loan. If for any any reason the borrower has not repaid the loan, the surety will also be equally liable to repay. If the Bank proceeds in the assets of your father, you have every right to proceed against the assets of the borrower.

However, convince the legal heirs of the borrower to repay the loan.

Rajendra K Goyal (Expert) 10 January 2016
No reply to query from anonymous.

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