Loan - surety

sudhakar (Querist) 25 April 2015 This query is : Resolved
Hi need help:

my dad signed surety towards the loan amount that was not lended by his colleague. It was happened 8 years back with Canera Bank. My dad is retired now and his retirement benefits was stopped due to this. The local broker says that the loan was deducted by bank employees and it did not come to limelight till date.

1. Please help me understand if we give surety that means anyone who failed to repay, would be blamed the person who gave the surety?

Please help.

Sudhakar

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Sudhir Kumar, Advocate (Expert) 25 April 2015
not clear.

If any part of loan is unsatisfied then your father has to pay it.

how his terminal dues were affected.

You have not given full facts.

Rajendra K Goyal (Expert) 25 April 2015
Consult a local lawyer and show him the relative documents whether the liability is current or time barred.

Kumar Doab (Expert) 26 April 2015
The lender has to supply due notice to surety.

Find the whereabouts and assets of borrower and proceed further under expert advice of your lawyer specializing in such cases.

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