1 Nov 2013
SOVEREIGN SERVICES LIMITED v McEWEN [2013] NZHC 2892
- Citation
- [2013] NZHC 2892
- Court
- High Court
The guarantee and indemnity clauses were clear and unambiguous and, construed objectively, placed liability for the conduct and liabilities of associates on the principal guarantor; absent an express exclusion for fraud, the guarantor remains liable for losses caused by an associate's fraud; no implied term requiring Sovereign to vet applications could be read into the contract; equitable set-off fails; quantum was sufficiently proved; summary judgment entered for plaintiff.