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CHAPTER 4 (Guarantee & Idemnity (circumstances when guarantor may…
CHAPTER 4
Guarantee & Idemnity
type of guarantee
continuing guarantee
specific guarantee
parties idemnity
guarantor
creditor
parties of guarantee
creditor
promiser
promisor
circumstances when guarantor may escape liability
Mistake as nature document signed (Carlisle vs Bragg)
Undue influence
Misrepresentation ( Mackenzie vs Royal Bank)
Bank fiduciary duty to guarantors who are customer of bank
Land
step
investigation of title
creation of charges
valuation of the property
Executives & registration of charge.
categories
Agriculture
Building
Industry
Recreational
Form ownership
freehold
leasehold
Life policies
Categories
General insurance
Life Insurance
Life insurance policy
Whole life policy
Endowment policy
Debenture
Types charge related
Fixed charge
Floating charge
limitation of floating charge
Allow company to dispose of those assets.
Winding up may be invalid.
Asset may not belong to company
Stock & Share
Types of share
Registered shares
Bearer shares or securities
procedure taking share security
Customer transfer share under CDS to NPSA.
Margin loan up to 80%.
Bank or lender open NPSA
Borrower open CDS account
Customer accept credit line.
Good as security
Actual delivery
Constructive
Lien
It is a right of one party over the property of another until the later.
Security
Some right or interest in property given to creditor
Pledge
it is a form of possessory security