Macquarie Bank Limited v Glenn Craig Thomas [2010] NSWSC 843

Macquarie Bank Limited v Glenn Craig Thomas [2010] NSWSC 843

The Recitals and terms of the agreement establish that the third defendant, by his request, induced the plaintiff to provide the Facility, and thus sufficient consideration was given for the guarantee. The guarantee was enforceable for $250,000.

Parties
Plaintiff: Macquarie Bank Limited; Third Defendant: Glenn Craig Thomas
Jurisdiction
Australia
Judgment Date
30 July 2010
Procedural Posture
Contract Guarantee Enforcement / Principal Judgment
Outcome
Judgment for the plaintiff against the third defendant
Legal Topics
Guarantee, Consideration, Development Finance Agreement
Contract Law Guarantee Consideration Development Finance Agreement

Case Brief

Summary, issues, holding and outcome

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Parties

Macquarie Bank Limited

Plaintiff

Glenn Craig Thomas

Third Defendant

Procedural Posture

Contract Guarantee Enforcement / Principal Judgment

Legal Issues

  1. 1 Whether the plaintiff provided valuable consideration for the third defendant's guarantee
  2. 2 Whether a guarantee may be enforced absent a contract under seal
  3. 3 Connection between promise and consideration

Ratio Decidendi

The Recitals and terms of the agreement establish that the third defendant, by his request, induced the plaintiff to provide the Facility, and thus sufficient consideration was given for the guarantee. The guarantee was enforceable for $250,000.

Court Disposition

Judgment for the plaintiff against the third defendant

Orders

  • Judgment for the plaintiff against the third defendant for $250,000
  • The third defendant is to pay the plaintiff's costs of the proceedings against him