Introducer
malaisamy
(Querist) 07 May 2010
This query is : Resolved
Respected Sirs,
My friend put his signature in the "Introducer" Column of a document.
This is prove that the he personally knows the executor of a document.
Now the executor says that he never executed such document.
What is the roll of the "Introducer" of a document?
What is the extent of liability?
How can I save him from the liability?
A V Vishal
(Expert) 07 May 2010
State the facts of the case
adv. rajeev ( rajoo )
(Expert) 07 May 2010
Insufficient information, however I presumed that you frnd might have signed in the bank a/c opening form in introducer column. If he is signed as introducer he is not at all liable.
Raj Kumar Makkad
(Expert) 07 May 2010
Introducer is fully liable for the losses, if any occurred to the bank by the account holder of such account. If introducer is not liable then why his introduction is taken and why such person establishes the truthfulness of such introduced person?
Bank can recover all such losses from introducer if he has introduced a person with wrong identity.
Daksh
(Expert) 07 May 2010
Dear Mr.Malaiswami,
The onus of proving the execution of document is upon the person who is alleging the same and the role of the introducer is of important for the reason of corroboration.
I differ with the view point of Raj for the following reasons.
There is nothing in the post under reply that the document pertains to the bank.
The chain of liability starts from the signatory or the beneficiary party (being the principle contracting person).
The role of the introducer is for the perposes of authentication of the document which means that he has seen the parties signing and executing the document in question (and it is not relevant or necessary that introducer should and must know either or all the parties personally).
Further in so far the question of fixing the liability is concerned there is a hell lot of difference between introducer and gurantor.
Best Regards
Daksh
Virender Pankaj
(Expert) 07 May 2010
Insufficient Information, however the introducer has no liability to such document unless he stood surety for the same.
Akhilesh Kumar
(Expert) 07 May 2010
The term introducer itself denotes that a person who introduced the person before the third party.Introducer liability arises when the introduced person is not traceble by the third party and he is absconder. There is defference between guarantor and introducer.
B K Raghavendra Rao
(Expert) 07 May 2010
An introducer acts as a recommender. The person introduced is known to introducer as a person considerable for the purpose for which he is introduced.
It is the person who accepts introduction need to be careful and apply his mind before admitting introduction and therefore, introducer is not liable for any act of the person introduced. He is not a guarantor or a surety.
Uma parameswaran
(Expert) 07 May 2010
partial query.It is good . The suggestion are like the explaintion for an elephant with out having any idea about an elephant.I am also using this opportunity.Introducer may be a middle person . There is no chance for any personal liability then.
Parthasarathi Loganathan
(Expert) 07 May 2010
I totally disagree with the opinion of some of our learned brothers. Introducer is not liable for any losses for the simple fact that his job is to physically identify the person to whom he has introduced for legal purpose. But guarantors is jointly and severally liable for financial losses incurred by the creditor on account of default by the principal borrower.
