ajay (manager) 26 December 2009
Hi,
my wife's a loan guarantor for her sister's property. i believe she will be liable to repay the loan if her sister defaults.
1) although i have not signed to be guarantor or any such paper, will i be liable for my wife's liability if her sister defaults
2) can my wife transfer her guarantor liablitiy to her sister's husband once she gets married.
thanks for all your help
rajkumar.vnm.marupeddi (advocate) 26 December 2009
1.You are not liable
2. Your wife can not transfer her liability to her sister's husband. Once your wife signs as guarantor, she can not escape the liability. It is the principal/creditor who has right to discharge your wife from her liability/guarantee
Ashok Yadav (Lawyer) 26 December 2009
As my Ld. friend replies you r not liable in this case, but your wife have full liability. and she cn not escape from her liability in case of default.
ajay (manager) 26 December 2009
thank you . this is crystal.
R.K.SUNDERRAJ (LAWYER HUBLI,KARNATAKA) 02 January 2010
I agree with Rajkumar.
P GOYAL (TRANSPORTER) 21 July 2012
IS HUSBAND LIABLE FOR WIFE'S BUSINESS LOAN (COMMERCIAL VEHICLE) IF HE HAS NOT STOOD AS GUARANTOR ANY WHERE.
Manish Singh (Advocate) 24 July 2012
Despite of the fact that you wife shall be liable for teh guarantee given to your sister's liablity, your wife can, anytime before the liabilty crystalises on her, revoke the said guarantee in case she does not wnat to be penalised for others' default.
CA. Vikash Dwivedi (Chartered Accountant) 25 July 2012
under the SARFESI Act 2002 guarantor shall be aksed to make the default of hte loanee good. however you can ask your sister inlaw to revise the guarantor wiht the help of Bank who gave her loan. nomination and guarantor can be chnaged by the borrower or the accoutn holder.
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