Does ‘all monies’ mean all monies?
By Rebecca Mauleverer
Earlier this year, the Court of Appeal, in National Merchant Buying Society Ltd v Bellamy and Another, held that an all-monies, continuing guarantee, given when there was an existing specific obligation, was not discharged by a subsequent variation.
A guarantor’s liability under a guarantee is a secondary obligation and is contingent on the underlying primary obligation. If the parties wish to amend the underlying primary obligation, care must be taken to avoid inadvertently discharging the guarantor from its liability under the guarantee.
There is a difference in how ‘all-monies’ guarantees and guarantees in respect of a specific obligation are treated…
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