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Will my liability as a guarantor be discharged upon the death of the borrower?

No.

The financial institution will freeze the account of the borrower to determine the indebtedness and unless there are other sources of payment, the financial institution will seek recourse from the guarantor.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1210
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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