28 Aug 2006
RHEE FAMILY TRUST & ANOR V CHO & ANOR HC AK CIV 2006-404-1512
- Citation
- openlaw-bb1802ef_5167_4864_87ba_51b17fa47a33.pdf
- Court
- High Court
The guarantee was a valid, operative and binding deed despite naming 'Rhee Family Trust' because the beneficiary was sufficiently identifiable by the document and extrinsic evidence; deed formalities meant no consideration was required; the operative clauses created both an independent principal guarantor obligation and a subsidiary obligation making time of the essence to 28 February 2006, and Dain's failure (including being struck off) triggered guarantor liability; accordingly summary judgment was appropriate and plaintiffs' quantified claim was proved.