When & how to withdraw a grantee by guarantor

Querist : Anonymous (Querist) 01 November 2011 This query is : Resolved
sir,
In which stage a guarantor withdraw his guarantee from any loan(financial) matter.and also refer the citation of high court and supreme court.

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ajay sethi (Expert) 01 November 2011
A guarantor may request to be released from the guarantee. However, the decision
is up to the financial institution. The financial institution may:
• Agree without conditions
• Agree subject to an equivalent replacement guarantor. However, this is subject to
the new guarantor agreeing to assume the present, past and future liabilities of the
existing guarantor
• Agree subject to part of the debt being repaid
• Disagree unless the principal debt is fully repaid

prabhakar singh (Expert) 01 November 2011
In law only discharge can take place,the withdrawal is a matter of amicable substitution between the three guarantor ,creditor and debtor subject to availability of a fresh one to debtor acceptable to creditor.

Raj Kumar Makkad (Expert) 01 November 2011
It is not the legal right of guarantor to be freed from guarantee rather it is the right of mortgagee to free him on his terms and conditions.

Sailesh Kumar Shah (Expert) 03 November 2011
I agree with all learned experts.

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