CONTINUING SECURITY LETTER
Date: __________
Borrower: __________, __________. Lender: __________, __________. Loan/facility: __________; amount __________.
Security provider: __________, role __________. Original security: __________.
FACILITY CHANGE
Event: __________. Details: __________.
CONSENT AND CONTINUITY
Variation consent: __________. Future transaction scope: __________..
RESERVED RIGHTS
__________.
This confirmation applies only to the identified security and disclosed change and does not itself create a new mortgage or new guarantee for an unrelated facility.
SIGNATURE
Security provider: __________
LEGAL BASIS
A guarantor's liability is co-extensive with the borrower's (section 128 of the Indian Contract Act, 1872). A guarantee that covers a series of transactions is a continuing guarantee (section 129), which the guarantor may revoke as to future transactions by notice to the lender (section 130). A variance in the loan terms made without the guarantor's consent, a release of the borrower, extra time given to the borrower, or the loss of the security discharges the guarantor wholly or in part (sections 133, 134, 135, 139 and 141). On a secured home loan, section 13(11) of the SARFAESI Act, 2002 lets the lender proceed against the guarantor without first taking any of the enforcement measures against the property.
PERSONAL DATA NOTICE
This notice is given under the Digital Personal Data Protection Act, 2023.
Personal data in this document is collected only to record the security provider's informed confirmation of continuing security after the specifically disclosed facility change, communicate about that purpose, verify expressly supplied lending, identity and property information, and retain an evidentiary transaction record.
The record will be held by __________ and may be shared only with the borrower, co-borrower, guarantor, lender, authorised professional, registering or revenue authority, Central Registry/CERSAI-related service, insurer or other person directly involved in the stated credit or security transaction.
If the transaction is withdrawn, refused or cancelled, personal data will be retained for 90 days and then erased. If the transaction proceeds, the record will be retained for the loan/security term plus 12 months, except where a named statutory or regulatory record-retention period requires longer retention.
A person named here may withdraw consent for future consent-based processing, request correction or erasure when the stated purpose has ended, or raise a grievance by writing to __________. The record-holder should acknowledge and respond within 30 days.
Data minimisation: this document does not collect full Aadhaar numbers, Aadhaar-card copies, passwords, PINs, OTPs or unrelated bank credentials, and none should be written into it. Use masked account/identity references where an identifying reference is genuinely necessary.
Personal-data instruction: __________.
Record-holder: __________