In this case the guarantor under a property development loan was sued for the full amount owing under the facility – some $5.3 million. The security had not yet been sold. The guarantor argued estoppel based on an alleged conversation between himself and an officer of the lender which took place prior to the guarantee being entered into. In alleged conversation the officer represented the guarantee would not be called on until after the security property was sold. The Court determined, on the balance of probabilities, that the conversation never took place and entered judgment for the lender.