3 Jun 2005
THE HONG KONG AND SHANGHAI BANKING CORPORATION LTD v. NORMAN JOHN MARTEL
- Citation
- THE HONG KONG AND SHANGHAI BANKING CORPORATION LTD v. NORMAN JOHN MARTEL
- Court
- Court of Appeal
- Case number
- CACV54/2003
The underlying agreement guaranteed was the bank‑company facility letter; the grant of a fixed‑term loan in June 1999 was at least a material variation of that underlying agreement made without the surety's consent; accordingly the rule in Holmes v Brunskill applied to discharge the surety from liability on the guarantee, and clause 9 did not operate to override that result in the factual circumstances of this case.