5 Oct 2012
BANK OF NEW ZEALAND V SHUKLA HC AK CIV-2012-404-2219
- Citation
- openlaw-c3230b14_544d_4005_9a6d_1a5d8215515e.pdf
- Court
- High Court
The written guarantee, including its incorporated schedule, unambiguously extended to future indebtedness; the bank's requirement to reduce the overdraft and ultimate demand for repayment were commercially justified by the company's deteriorating finances and did not amount to bad faith or conduct discharging the guarantor; promissory estoppel did not bar enforcement because the bank retained and validly exercised its contractual rights and had given notice and opportunity to remedy; accordingly there was no arguable defence and summary judgment was ordered for the bank.