I am one of 6 guarantors for my relative. Now my salary has been attached. My relative who has cheated me is now doing good business. The other sureties are also in good position. Whether I can sue my relative for cheating me? or I can ask the court to share my burden with other sureties?
2006-10-26 23:24:25 · 5 answers · asked by Ravi 2 in Politics & Government ➔ Law & Ethics
Each one you as borrower and co-obligant are individually and together responsible to repay the loan. Just imagine, if you had no interest in the transaction, why would you have come into the picture. No other presumption to say that others are responsible or the borrower alone is responsible is not acceptable in law as the debt runs concurrently on all of you who have signed the documents.
It is the choice of the lender to proceed against any person from
whom it feels it can recover easily to the exclusion of the others, however, without losing its Rights to proceed against them also in future. The decision is of the lender and he cannot be compelled to act in a particular manner, as the debt is co-extensive and you are having a co-borrower status.
2006-10-26 23:52:39 · answer #1 · answered by RAO MYSORE 2 · 0⤊ 0⤋
You can sue him but there is no way you can get out of sharing the burden of paying the money as its a surety...better dont fall into such traps in future...if the relative for whom you signed the surety is still in the visibilty lodge a complaint with the police and get him arrested...regarding getting out of paying the money consult a lawyer!! All the Best :)
2006-10-27 06:53:42 · answer #2 · answered by Harish 3 · 0⤊ 0⤋
Dear friend,
As per contract act the liability of surity is co-extensive with that of the principle debtor.but the amount can be recovered from the surety only when the decree holder is unable to recoverit from the principle debtor. We can ask for share among all other surities.You cantact advocate to get released from salary attachmnent.
2006-10-27 08:33:50 · answer #3 · answered by Raghu R 2 · 0⤊ 0⤋
All the above have answered about your liability..yes u are equally liable....
Yes you can certainly sue your relatives if u feel cheated...infact instead of a civil suit try filing a criminal suit to bring more pressure on the culprits.Also if your police is Good ...lodge a police complaint for additional pressure( better get a direction from the court to the police to enquire)
2006-10-28 01:36:47 · answer #4 · answered by Vijay God Loves U 4 · 0⤊ 0⤋
All six guarantors are equally liable. Not just you.
If the relative is now doing well, why is he not paying?
ALL SIX GUARANTORS ARE EQUALLY LIABLE!!!!!!
2006-10-27 06:50:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋