Imran (propriter) 11 June 2011
pervez (adviser) 11 June 2011
Dear, You have not made clear as to whether any notice has been received from the regarding recovery and whether bank has been informed of the death of the borrower...?
According to law, the liability of the guarantor is co-extensive [ same as borrower] with the borrower. The Bank, generally, try to recover the debt from the estate of the borrower and if anything remains, fromthe assets of the guarantor. You can provide details to the bank for recovery from the daughter' assets, inherited fromhis deceased father. In case bank files civil suit [ or in DRT for more than Rs. 10 lakh], the bank will request for decree for sale of assets of the deceased borrower and also from the assets of the guarantor, if provided to bank. Better to consult a civil lawyer for more clarity...
Hope this will satiusfy yr query
regards
Dr. Imran Ahmad, MOZA (Chief of Jurists (Suprime Court of Khuda Rabbul Izzat London)) 13 June 2011
Generally it is on financial institution's will. Your father has to work on that burden to be removed from him. Chances are that institution will come to guarantor instead of helping your father not to pay the amount and catching hold of daughter to pay.
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