Plus & minus point

pooja dedhia (Querist) 20 June 2012 This query is : Resolved
what is the legal liability of the gurantor when gurantor is the partnership firm, for the private ltd co.for getting the various loan such as the overdraft cash credit.term loan.morgage loan?

what are the plus point and minus pointin above case?

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Sankaranarayanan (Expert) 20 June 2012
If the principle borrower fail to pay or defoult then the gurontor is need to answer or help to recover the liability

SAINATH DEVALLA (Expert) 20 June 2012
Whatever may be the liability,when the borrower defaults making payments,the noose will be tied around the neck of the gaurantor.

Shonee Kapoor (Expert) 21 June 2012
Right Guarantor has taken the guarantee that the borrower would repay the loan.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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