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Seeking advise in case of guarantor for immovable property.
2 years ago
I am seeking to advise about the liability of the guarantor in case the bank has transferred property in favor of the Bank itself according to The Maharashtra Cooperative Societies Act 1960, under Rule 85 & Section 100 since it was unsold in bank auction.
A.Hello,
Guarantor Discharged by Primary Debtor Release: According to Section 134 of the Indian Contract Act, the guarantor is relieved from its duties under a guarantee contract if the creditor and the primary debtor negotiate an agreement releasing the principal debtor.
Thank you very much.
Please rate the answer if you found it useful.
Guarantor Discharged by Primary Debtor Release: According to Section 134 of the Indian Contract Act, the guarantor is relieved from its duties under a guarantee contract if the creditor and the primary debtor negotiate an agreement releasing the principal debtor.
Thank you very much.
Please rate the answer if you found it useful.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
For the transfer of property which cannot be sold which is enshrined in section 100 of the MCSA, the responsibility of a guarantor is absolved under Section 134 of the Indian Contract Act.
Thank you.
If you found the answer helpful kindly rate the answer.
For the transfer of property which cannot be sold which is enshrined in section 100 of the MCSA, the responsibility of a guarantor is absolved under Section 134 of the Indian Contract Act.
Thank you.
If you found the answer helpful kindly rate the answer.
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Helpful
Share
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