https://www.taxtmi.com/caselaws?id=199821 A suit on an overdraft liability supported by a promissory note and independent guarantees was not treated as a mortgage suit, so Section 68 of the Transfer of Property Act did not apply. The mortgage created by the principal debtor was not the foundation of the claim against the guarantors; the action rested on an independent personal liability. The Court reaffirmed that a surety's liability is coextensive with that of the principal debtor under Section 128 of the Contract Act, and the creditor need not first exhaust remedies against the principal debtor before suing the surety. The suit against the guarantors was therefore maintainable, and the challenge failed. en-us Fri, 04 Apr 1986 00:00:00 +0530 Tue, 13 Mar 2018 17:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199821 A suit on an overdraft liability supported by a promissory note and independent guarantees was not treated as a mortgage suit, so Section 68 of the Transfer of Property Act did not apply. The mortgage created by the principal debtor was not the foundation of the claim against the guarantors; the action rested on an independent personal liability. The Court reaffirmed that a surety's liability is coextensive with that of the principal debtor under Section 128 of the Contract Act, and the creditor need not first exhaust remedies against the principal debtor before suing the surety. The suit against the guarantors was therefore maintainable, and the challenge failed. Case-Laws Indian Laws Fri, 04 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199821