hello there once again!!
just a query about recovery from guarantor in a nationalize bank.
i understand that being guarantor means co-borrower. as per law guarantor should be asked to deposit when ?
if the borrower has declared himself bankrupt or died and even by attaching the belongings of the borrower the due amount is still not covered, the guarantor should automatically becomes liable for deposition or even before without chasing the borrower guarantor becomes liable?
kindly suggest the defense for guarantor.
regards
arvind
