What is the guarantor's recourse when the creditor transfers the debt obligation (Hawala) to a third party?

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When the creditor transfers the obligation (Hawala) to a third party, the Hawala is treated as if the guarantor had already received the payment from the principal debtor. Recourse against the principal debtor is then limited to the lesser of the amount transferred in the Hawala or the original determined debt amount. This rule applies regardless of whether the creditor received payment from the transferee, released the transferee, or failed to collect due to insolvency or default on the part of the transferee, because the mere act of establishing the Hawala is equivalent to an immediate receipt of funds.