What if a Guarantor dies?
4 years ago
My uncle stood as a guarantor for a bank loan in a nationalised bank. Borrowers escaped and declared as exparties. Loan became NPA and Guarantor only contesting the case now. The case was proceeding since 10 years. Now the guarantor health is not good he may die at any time. In this situation what will happen in the case? Can guarantor son/daughter have rights to contest and continue the case? If yes then what is the procedure to do? Note: Merits are there in guarantor side. Bank done the fraud in this case.
Shivangini Gupta
Responded 4 years ago
Yes after the death of the guaranter an Application for substitution of legal heirs have to be filed to bring on record the legal heirs of the guaranter and therefater they can contest the same. If the bank has done fraud you should file a Criminal Complaint against it immediately.
Thanks
Shreyash Mohta
Responded 4 years ago
Please proceed accordingly.
Thanks
Anonymous
Replied 4 years ago
Thanks for the respond sir. As the above question, my uncle is a guarantor for the loan and he given his property for collaterals. Borrower and the bank manager joined together and done the collusion in all transactions. Borrower escaped and bank given complaint against his manager for collusion. Bank manager was dismissed from service and the case was entered in CBI court. Finally bank manager (Accused1) and borrower has convicted by CBI court.. My uncle guarantor only contesting the case now in banker court. We been asked to discharge him from the liability due to colluded transaction. This case was under proceedings since 10 years at bankers court. Now my uncle is sick and he may die at anytime. His collateral documents still at bank and case also still in the court. What will happen further? If guarantor dies then his legalheir can contest and proceed the case? Or any other way to get remedy from this case? Please help
Shreyash Mohta
Replied 4 years ago
If the guarantor dies then the legal heirs can contest the same as such properties which were subject to dispute would have been transferred to the legal heirs if such case did not prolong.
Thanks
You immediately approach the bankers and get file an application seeking withdrawal of guaranty-ship. If no action is taken then approach High Court and get appropriate order and to see that the properties of guarantor are not attached.
Thanks.
Anonymous
Replied 4 years ago
Thanks for the respond sir. As the above question, my uncle is a guarantor for the loan and he given his property for collaterals. Borrower and the bank manager joined together and done the collusion in all transactions. Borrower escaped and bank given complaint against his manager for collusion. Bank manager was dismissed from service and the case was entered in CBI court. Finally bank manager (Accused1) and borrower has convicted by CBI court.. My uncle guarantor only contesting the case now in banker court. We been asked to discharge him from the liability due to colluded transaction. This case was under proceedings since 10 years at bankers court. Now my uncle is sick and he may die at anytime. His collateral documents still at bank and case also still in the court. What will happen further? If guarantor dies then his legalheir can contest and proceed the case? Or any other way to get remedy from this case? Please help
Anonymous
Replied 4 years ago
Thanks for the respond sir. As the above question, my uncle is a guarantor for the loan and he given his property for collaterals. Borrower and the bank manager joined together and done the collusion in all transactions. Borrower escaped and bank given complaint against his manager for collusion. Bank manager was dismissed from service and the case was entered in CBI court. Finally bank manager (Accused1) and borrower has convicted by CBI court.. My uncle guarantor only contesting the case now in banker court. We been asked to discharge him from the liability due to colluded transaction. This case was under proceedings since 10 years at bankers court. Now my uncle is sick and he may die at anytime. His collateral documents still at bank and case also still in the court. What will happen further? If guarantor dies then his legalheir can contest and proceed the case? Or any other way to get remedy from this case? Please help
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