Cautionary Obligations Cases

katy_mcbride12
Flashcards by , created almost 6 years ago

Commerical Flashcards on Cautionary Obligations Cases, created by katy_mcbride12 on 04/30/2013.

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katy_mcbride12
Created by katy_mcbride12 almost 6 years ago
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Question Answer
Debtor's misrepresentation or undue influence does not affect the validity of the cautionary obligation unless creditor is aware of the misrepresentation Young v Clydesdale bank
All co-cautioners or none are bound Scottish Provincial Insurance v Pringle
Duty of good faith is met if independent legal advice is sought Forsyth v Bank of Scotland
Creditor does not need to disclose material facts but if chooses to then disclose fully Young v Clydesdale Bank
Creditor has to disclose if aware that the cautioner is under a misrepresentation RBS v Greenfields
Can get relief from co-cautioners if excluding insolvents Buchanan v Main
Guaranteeing specific funds Veitch v National Bank of Scotland
Misrepresentation by debtor Smith v Bank of Scotland
Obligation is dependent on debt existing Aitken’s Trs v Bank of Scotland
First money in is set off against first debt Clayton’s case
Not pressing for immediate payment is not giving time Hamilton’s Exrs v Bank of Scotland
If fixed limit and debtor gets more money, cautioner is still not released Huewind v Clydesdale Bank
Invalid security does not make an invalid obligation Bank of Ireland v Morton
Guarantee enforced 14 years after cautioner’s death British Linen Co v Monteith