NSW Caselaw
New South Wales Supreme Court
CITATION : Manfred Schoenhoff & Anor v The Commonwealth Bank of Australia [2003] NSWSC 918 HEARING DATE(S) : 13/10/03, 14/10/03 JUDGMENT DATE : 21 October 2003
JURISDICTION: Equity Division Commercial List JUDGMENT OF : Einstein J DECISION : Plaintiffs' case to be dismissed
CATCHWORDS : BANKING - Margin Lending Facility - borrower obtains a guarantor - whether borrower is an agent of the Bank in obtaining surety - shares - cash advances - GUARANTEE - variation of guarantee - "obviously unsubstantial" alteration test - whether guarantor prejudiced - grounds for discharge - CONTRACT - construction - objective manifestation of assent - ascertaining the intention of the parties - rule in L'Estrange v Graucob - operation of the rule - failure to read documents signed - significance of signed documents - signature as a strong indication of intention to be bound - bound by material printed on both sides of pages - MISREPRESENTATIONS - whether guarantors induced into entering into guarantee by fraudulent misrepresentations - whether any misrepresentations were made on behalf of the Bank - EVIDENCE - adverse findings as to credibility of witness - the rule in Jones v Dunkel LEGISLATION CITED : Trade Practices Act 1974 Adler v Australian Securities and Investments Commission [2003] NSWCA 131 Ankar Pty Ltd v National Westminster Finance (Australia) Ltd (1987) 162 CLR 549 Corumo Holdings Pty Ltd v C Itoh Ltd (1991) 5 ACSR 720 CASES CITED : Film Bars Pty Ltd v Pacific Film Laboratories Pty Ltd (1979) 1 BPR 9251 Jones v Dunkel (1959) 101 CLR 298. L'Estrange v F Graucob Ltd [1934] 2 KB 394 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd [2003] NSWCA 75 Manfred Schoenhoff (First Plaintiff) PARTIES : Evelyn Schoenhoff (Second Plaintiff) The Commonwealth Bank of Australia (Defendant) FILE NUMBER(S) : SC 50193/00 COUNSEL : Mr N Perram (Plaintiffs) Mr M T McCulloch, Mr A J Abadee (Defendant SOLICITORS : Aitken McLachlan & Thorpe (Plaintiffs) LE Taylor (Defendant)
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