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rathod (student)     29 July 2020

notice u/s 58 of multi state cooperative society act 1984 & u/s 49 of maharastra state co operative society act 1960

my client got notice that his salary will be deducted bcz he is gurantor or surety in his friend loan in which his friend defaulted

bank had taken above action against my client any remedy available to my client as his major part of salary will be deducted if above notice will process

kindly suggest me to guide my client (surety)or guarantor


Learning

 1 Replies

P. Venu (Advocate)     30 July 2020

Your friend is entitled to recover the amount from the principal borrower. Moreover, it is only the salary, that too, less than one-third alone could be attached. Most of the allowances, house rent allowance, medical allowance, conveyance allowance etc. included, are exempted from attachment.


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