Money taken from money Lendor

K.Saikumar (Querist) 20 October 2015 This query is : Resolved
Dear Sirs.
My name is K.Saikumar. My brother is a real estate agent, he stands as a surety for his real estate collegues for Rs.10lakhs@ 3%pm. Now due to slow down in real estate in Hyderabad, their business is not running last 1 year they paid interest on time, now interest payment is irregular. Now the money lendor is forcing my brother to repay full amount. This money lendor is known to us last 15years and he also runs chitfund (unregistered) and we have chitd worth Rs.5lakhs. The money lendor is harassing my brother for full payment on daily basis over phone. Kindly suggest wayforward in case his friends defaults, what is the legal liability for my brother as surety. Thanks .... K.Saikumar

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Guest (Expert) 20 October 2015
If you had Not Given Any Cheque You are safe to some Extent.Better Consult A Local good advocate.Future Payments Make it thro Banks and Other things your advocate would guide you.

Rajendra K Goyal (Expert) 20 October 2015
Your brother is guarantor and if the borrower does not pay, he is liable to pay the lender.

However, if any suit of recovery is filed in case of inability to pay, consult local lawyer.

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