Liability of guarantor in case death of principle borrower
RAJU KUMAR
(Querist) 25 March 2015
This query is : Resolved
i want to discuss this case and please suggest me relevant laws... CASE--Mr. A is principle borrower taken cash credit facility amount of Rs. 2 lacs against Smt. B's (guarantor & mother of Mr. A) Property. due to default of Mr. A said account has been gone in NPA account on dated 31/12/2012 by value of Rs. 193006. Mr. A has died in feb, 2015. after death of Mr. A, what is liability of Smt. B in said outstanding loan. Is smt. B is also liable for interest part on this loan from NPA to till date. Now Smt. B is suffering from paralyzed.
Advocate Bhartesh goyal
(Expert) 25 March 2015
Both Principal borrower and guarantor are jointly and severely liable to pay the loan amount with interest .After death of A his lrs and B are liable.
Rajendra K Goyal
(Expert) 25 March 2015
After death of A the guarantor B is liable to pay the outstanding loan.
Guest
(Expert) 25 March 2015
Well advised.
M/s. Y-not legal services
(Expert) 25 March 2015
yes. guarantor also equaly liable as like the borrower.
V R SHROFF
(Expert) 25 March 2015
he guarantor B is liable WITH INT.
Devajyoti Barman
(Expert) 26 March 2015
yes, agree with experts.
ajay sethi
(Expert) 26 March 2015
agree with experts
Biswanath Roy
(Expert) 29 March 2015
Guarantor is jointly and severally liable for debt (which includes interest also)due along with principal debtor. In case of death of the principal debtor his/her legal beneficiaries of the assets and goods and the guarantor are jointly liable for debt.
T. Kalaiselvan, Advocate
(Expert) 29 March 2015
Rs. 2 lakhs has went to Rs. 19 lakhs(?), well I go with the views of experts on the subject issue.
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