Did you check your friend's repayment history when you agreed to be a guarantorfor his home loan? You should have, because according to a Supreme Court ruling, the lender can recover his dues from the guarantor if the borrower is unable to repay the loan. Your friend's liabilities could become yours if he defaults. Yet, very few people know this or check it when they blindly sign up as guarantors for loans taken by friends and relatives.
There are several such misconceptions that are harboured by the smartest of us. In our cover story this week, we have picked 10 such misconstrued notions about the legal position on financial matters and clear the air on what is correct under the law. This is important because if you believe in something that is not legally tenable, it could have an adverse impact on your finances. Of course, ignorance about the law should never be an excuse for making a mistake.
1) I need to submit the originals in court
Certified photocopies are perfectly fine and acceptable.
Don't submit the original documents when you file a plea in court because you could easily lose them. As per the Civil Procedure Code, 1908, when you file a petition in court, it needs to be accompanied with affidavits and certified copies of the original documents that you want to present as evidence. "It would be a mistake to submit the originals along with the complaint as you run the risk of losing them.
Besides, they are not required as per the procedure," says Aakanksha Joshi, senior associate, Economic Law Practices. However, you will be required to present the originals at the time of hearing. At that time, too, you can present photocopies if it is not possible to produce the originals. However, these photocopies will have to be certified and attested by a gazetted officer to ensure the stamp of authenticity.
In fact, you should not give the original documents to anyone, including your lawyer, in some instances. Make sure he is efficient in handling the paperwork if you are entrusting key documents to him. As an alternative, you could hand over the certified copy for his reference and retain the original. Take the orginal to court only at the time of hearing.
There are several such misconceptions that are harboured by the smartest of us. In our cover story this week, we have picked 10 such misconstrued notions about the legal position on financial matters and clear the air on what is correct under the law. This is important because if you believe in something that is not legally tenable, it could have an adverse impact on your finances. Of course, ignorance about the law should never be an excuse for making a mistake.
1) I need to submit the originals in court
Certified photocopies are perfectly fine and acceptable.
Don't submit the original documents when you file a plea in court because you could easily lose them. As per the Civil Procedure Code, 1908, when you file a petition in court, it needs to be accompanied with affidavits and certified copies of the original documents that you want to present as evidence. "It would be a mistake to submit the originals along with the complaint as you run the risk of losing them.
Besides, they are not required as per the procedure," says Aakanksha Joshi, senior associate, Economic Law Practices. However, you will be required to present the originals at the time of hearing. At that time, too, you can present photocopies if it is not possible to produce the originals. However, these photocopies will have to be certified and attested by a gazetted officer to ensure the stamp of authenticity.
In fact, you should not give the original documents to anyone, including your lawyer, in some instances. Make sure he is efficient in handling the paperwork if you are entrusting key documents to him. As an alternative, you could hand over the certified copy for his reference and retain the original. Take the orginal to court only at the time of hearing.
As a safety measure, always keep two sets of certified photocopies, in case you misplace the original. A good idea is to scan the documents and store them on your computer or on the cloud. You can use online services like Google Docs (Docs. google.com) and Windows Live Sky-Drive (Explore.live.com/skydrive) to store your documents.
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