https://www.taxtmi.com/caselaws?id=196389 Guarantee bonds executed pursuant to sanction terms and a board resolution were treated as supported by sufficient consideration, with past benefit to the principal debtor accepted as valid consideration for the surety. A surety was not discharged on the basis that co-sureties had not joined, because no proved agreement barred enforcement until another person signed. The liability of a deceased guarantor survived against the estate, but not personally against legal representatives beyond inherited assets. The loan documents were read as agreeing to quarterly rests, compound interest, and penal interest on overdue sums. Interest was then checked against applicable Reserve Bank limits, leading to a downward modification of the decree only to the extent of excess under the term-loan account. en-us Thu, 05 Dec 1991 00:00:00 +0530 Wed, 29 Nov 2017 16:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196389 Guarantee bonds executed pursuant to sanction terms and a board resolution were treated as supported by sufficient consideration, with past benefit to the principal debtor accepted as valid consideration for the surety. A surety was not discharged on the basis that co-sureties had not joined, because no proved agreement barred enforcement until another person signed. The liability of a deceased guarantor survived against the estate, but not personally against legal representatives beyond inherited assets. The loan documents were read as agreeing to quarterly rests, compound interest, and penal interest on overdue sums. Interest was then checked against applicable Reserve Bank limits, leading to a downward modification of the decree only to the extent of excess under the term-loan account. Case-Laws Indian Laws Thu, 05 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196389