Rights of guarantor
Arun Kumar
(Querist) 28 November 2012
This query is : Resolved
My Father has signed as a Guarantor for a loan taken by his colleague (Govt.School Teacher). And now the borrower is not making repayment of loan in time, so, the banker has locked my father's salary account, Since 3 months he can not able to draw the salary, But the Borrower has his salary account in different place, the banker is not recovering from his salary, What action we can take against him? Is it not Possible to discharge from the guarantor's liability?
prabhakar singh
(Expert) 28 November 2012
The liability of borrower and Guarantor is coextensive joint as well several and bank is at freedom to realize from both or any of them.However your father has right to realize from borrower money realized by banker.Your father should represent to bank giving details of salary a/c of borrower asking to release his a/c,if bank does not cooperate,then plan a suit against borrower and bank both.
