francis (CHIEF) 26 November 2013
Sir,
I have given my property as Collateral Security to my Friend's Relative i dont know whether he is repaying the dues clearly and i need clarification that what is the terms of cancel a collateral security either
1) Bank have rights to cancel the collateral security or is there any other clause in law to cancel it.
Please advice me its most urgent.
regards
Francis
T. Kalaiselvan, Advocate (Advocate) 26 November 2013
As long as the loan amount has not been fully discharged the collateral security furnished by the guarantor will remain and cannot be cancelled.
Capt Gurvinder Singh (Advocate) 04 December 2013
Dear sir, My all sympathy to you as you have received any thing and you are in thick soup now.
First thing you should do tomorrow morning itself go the bank and give in writing of withdrawing the bank guarantee forthwith, this letter will not absolve you from the debt taken by relative of your friend but your liabilities will be fixed to the extent of time you revoked the bank guarantee. Your liabilities will remain till further 12 years from the date of giving this revocation letter.
DONOT FORGET OF TAKING RECEIPT OF INVOCATION LETTER FROM THE BANKER WHICH HE WILL TRY TO EVADE
As soon as you will give this revocation letter to the banker , the banker will immediately call the borrower and then borrower will try to please you by hook and crook, donot come under his pressure and if you come under pressure at this time consider your property gone out of your hand. Get rid of this guarantee immediately.
Capt Gurvinder Singh, Advocate
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