High Court of Australia
ERE v. BARK 0 New BALAN : ben ORDER. 4 @F ; va $0 - a Appeal dismissed with costs, a
Order of Full Court varied by omitting reference te the -
undertaking imposed upon the respondent, H
17 Apa 19.9.
WREN
ve
BANK OF NeW ZEALAND.
DIXON Je BVATT J.
MeTTERNAN Je
an att at 2ST oe at a em
BANK OF NEW
The judgment of the Supreme Court against which this appeal is brought upheld a verdict given under the direction of the Judge at the trial of the action.
In the action the respondent Bank sued the appellant for the sum of £15,225.19.0 under a guarantee. A verdict was directed for the full amount. That amount is composed of
£12,505.8.3 principal and £2,720. 10.9 interest owing to the
respondent Bank by its customer,the principal debtor. The
J
instrument of suretyship,upon which the respondent Bank declared, expressed a guarantee on the part of the appellant to pay on
demand all sums of money whatsoever in which the customer, the
principal debtor,then was or might at any time become indebted or liable to the respondent Bank whether by way of overdraft or upon bills discounted or any other dealing or transaction,with interest and all costs and expenses incurred by the respondent Bank in enforcing any security or obtaining payment. The instrument further expressed an agreement on the part of the appellant that interest should be chargeable at the rates agreed with the principal debtor or at overdraft rate and should continue
chargeable until all monies guaranteed were fully paid. But, by a a
separate overriding clause,it was provided that the surety,the appellant, should not be liable by reason of the guarantee to pay more than a total sum which it proceeded to define. The total sum was defined as £15,000 plus a sum equal to one year's interest on that amount plus the costs and expenses incurred by the respondent Bank in enforcing and obtaining payment under the guarantee and plus interest on the amount demanded from the day of such demand until actual payment of such amount at the rate of
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