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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2014 To get finance for working capital, Commom collateral is mortaged to a bank. Can bank ask for both the firm has to give each other the personal guarantee for availing the facility due to loan default to any one account .
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Rajagopalakrishnan R

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Rajagopalakrishnan R (Expert)
19 March 2014 if the collateral property belongs to the partners in both firms then bank is justified in asking for personal guarantee of all partners

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