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Withdraw as loan Guarantor

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Banking Case Law
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Author Topic: Laws of Banking  (Read 531 times)

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Offline deepa.pearl

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Laws of Banking
« on: January 16, 2016, 03:56:12 AM »
Hi,
I am guarantor to one of my friends who has taken a personal loan from the Co-operative credit society which Society has been now closed. Therefore I wish to withdraw the guarantorship. So please give me advise that Can I withdraw as loan guarantor at my wish ?

Thanks in advance for your advise.

Offline advabdul

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Re: Laws of Banking
« Reply #1 on: January 17, 2016, 11:51:07 PM »
you can make an application to that affect, if the bank agrees and your friend is agreeable than maybe it could be possible, unilaterally it cannot be withdrawn
Advocate Abdul
I am Muslim law Advisor

Offline advAbhaay

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Re: Laws of Banking
« Reply #2 on: March 17, 2016, 02:09:24 AM »
Answering the query, a contract of guarantee is a statutorily recognised in Indian law under the Indian Contract Act, 1872. you can see the similar questions answers on http://kanoonquestions.com/question/withdraw-as-loan-guarantor/. i just checked the similar question on this site.

 

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