26 Apr 2013
TEGEL FOODS LIMITED V COASTAL CUISINE NZ LIMITED HC AK CIV-2012-404-5019
- Citation
- openlaw-e74f4dc7_2f4b_494a_a288_a2c46b086586.pdf
- Court
- High Court
Where a creditor holds a valid, unconditional guarantee and a secured purchase-money interest, the creditor retains the choice of remedies and, absent a proper basis for marshalling or contractual limit, guarantors can be sued immediately; the guarantees here either excluded marshalling or were ineffective to invoke it, and summary judgment was appropriate for the calculated outstanding sum and contractual costs.