Please enable JavaScript.
Coggle requires JavaScript to display documents.
Guarantees and Indemnity (Termination and Discharge of Guarantee…
Guarantees and Indemnity
Nature of Guarantee
Categories of Guarantee
Special & General Guarantee
Continuing Guarantee
Absolute & Unconditional Guarantee
Types of Guarantee Contracts
Tripartite agreement
-
-
-
-
Suretyship Arrangement (surety + principal debtor
Section 85 CA 1950
Suretyship (surety + creditor)
Liability of Guarantor/ Surety
Section 81 CA 1950
Rights of Guarantor/Surety
Rights of subrogation
against creditor
Section 93
Section 94
Case: Craythorne v Surindurne
Rights of contribution against co-sureties
Section 99
Section 100
Section 91
Rights indemnity against principal debtor
Section 98: implied promise to indemnify surety
Variation of Guarantee
Section 86
Termination and Discharge of Guarantee
Expiration of fixed period, guarantor is drawn up for a limited period
Variations of the guarantee
Revocation of continuing guarantee
Giving notice to one of joint/ several guarantors; remaining will be liable
Section 91 CA 1950
.
Death, mental incapacity, bankruptcy of surety
Section 84 CA 1950
.
Case: Lee Wah Bank Ltd v Joseph Eu
.
Breach of contract by creditor
Section 87 CA 1950
.
Section 92 CA 1950
.
Repayment of principal debtor of his loan/ ovedraft
Section 87 of CA 1950
Indemnity
Section 77:
Section 78:
Guarantee vs Indemnity
Nature of Contract of Guarantee