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…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
Shoosmiths looks at what it could mean for UK businesses if Scotland decides to become an independent country.
Calculating holiday pay is proving to be a hot topic at the moment, with recent employment tribunal and European court decisions hitting the headlines.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…