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bank guarantee post death.

  • 04-11-2014 1:13pm
    #1
    emanresu esrever
    Closed Accounts Posts: 2,573 ✭✭✭


    Am i correct in my research in assuming, upon the death of a guarantor the date of demand is dictated by sections 8/9 of CLA 1961. Can someone give me their opinions on the subject time limitations imposed on banks re the matter


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Interesting because a cause of action for a guarantee doesn't accrue until the letter of demand issues


  • #3
    blueythebear
    Registered Users, Registered Users 2 Posts: 1,074 ✭✭✭blueythebear


    I would have thought that the civil liability act applies in this instantceso that demand would have to be made on the executors and thereafter proceedings issue within 2 years of the death.

    Most guarantees i would have thought have specific provisions that would apply in the event of death of a guarantor to permit demand be made on an executor or that it automatically is repayable at the banks option upon death of guarantor.

    As far as i am aware, theres no requirement for a demand on a principal debtor to be made prior to guarantor being made liable for the guarantee.


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