Can the bank letter of guarantee be transferable?
I received a letter of guarantee from a bank in 2005 informing
me of my liability as i went guarantour for my son in a business
which was wound up.I never received an invoice or demand for
payment.My son lost his home and another partner ,lost some
properties he owned to pay the debt.The bank have not contacted me
to say that i am no longer liable.
Related Q&A：
What is the terminology for a loan guarantee if the loan is to be guaranteed by two people and the i？Well, in such a situation, it's often referred to as a \joint loan guarantee\ or a \dual？person loan guarantee\ You know, when two individuals come together to guarantee a loan, it means they're both taking on the responsibility if something goes wrong with the repayment. This can give the lender a bit more confidence, but it also means that both guarantors have to be really sure about what they're getting into. Hope that makes sense!
