Guarantees

NAB v Grose [2006] NSWSC 979

In this case NAB was suing Grose on his guarantee. Grose claimed NAB only needed to call on the guarantee because it had negligently exercised its power of sale over the primary security being a shopping centre in Queensland. Naturally the extent of the losses thus claimed were enough to cancel out the amount claimed …

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No Fuss Finance v Miller [2006] NSWSC 630

A short term bridging loan was made to a property developer secured by a mortgage provided by his cleaning lady over her house. The independent legal advice she received was arranged for her at the lender’s office and the lender assured her the property developer would pay back the loan because a company associated with …

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Dynamic Supplies v Gina Lorna Morrison [2005] NSWSC 1307

This matter involved a guarantee that the sole director of an IT company gave to a supplier to support its credit limit. The guarantee included a charging clause whereby the guarantor charged all interests that she had in any real property. The supplier approved an increase in the IT company’s credit limit after receiving the …

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Perpetual Nominees v Aus Constructions [2005] NSWSC 1199

In this case a mortgage included a provision which made the lodging of a caveat over the security a breach of the loan. In the event of a default the mortgage had an acceleration clause. Both the borrower and the guarantors, in different cases, resisted the lender’s claim on the grounds that the caveats which …

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Willis & Bowring v Ziade Investments [2005] NSWSC 952

In this case, the borrower denied he and his wife were liable under their guarantees because: (a) The lender’s employees represented the lender would fund 100% of the costs needed to acquire the land and complete construction so long as the total amount lent did not exceed 2/3 of the gross value of the completed …

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John Anthony Jeans v John Richard Bruce [2004] NSWSC 539

This matter involved two groups of claims: claims relating to contribution in relation to guarantees and claims in relation to heads of agreement. The first issue to be determined in this case was the proposition that contribution between co-sureties depends on the underlying legal relationship. At paragraph 249, his Honour quoted extensively from Rowlatt on …

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CBA v Anna Maria Crowe [2004] NSWSC 330

In 1993, a couple borrowed money from the bank to assist in the purchase of a motor vehicle in the name of the husband. The loan was secured by a mortgage over the wife’s property. The mortgage was an “all monies” mortgage, which secured all monies that were then or which would thereafter become owing …

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Eddy Lau Constructions v Transdevelopment Enterprise [2004] NSWSC 273

The plaintiff is a contractor who entered into a contract with the defendant (“developer”) for the construction of certain home units. Pursuant to the contract, the plaintiff was required to provide two bank guarantees to the developer. The bank guarantees secured the performance of the contractor’s obligations under the contract. One such obligation under the …

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