Resource Equities Limited v Leon Carr Resource Equities Limited v John Garrett [2008] NSWSC 977

New South Wales Supreme Court

CITATION : Resource Equities Limited v Leon Carr Resource Equities Limited v John Garrett [2008] NSWSC 977

HEARING DATE(S) : 14 August 2008 JUDGMENT OF : McDougall J at 1

EX TEMPORE JUDGMENT DATE : 14 August 2008

DECISION : See paragraph [41] of the judgment.

CATCHWORDS : GUARANTEE AND INDEMNITY - co-sureties - where one co-surety enters into deed of release with creditor - whether release or covenant not to sue - whether remaining co-sureties have continuing right to contribution - whether any common obligation remains - summary dismissal.

LEGISLATION CITED : Corporations Act 2001

Albion Insurance Company Limited v Government Insurance Office of New South Wales (1969) 121 CLR 342 Burke v LFOT Pty Limited (2002) 209 CLR 282 Commercial Bank of Tasmania v Jones [1893] AC 313 CASES CITED : Dorgal Holdings Pty Limited v Buckley (1996) 22 ACSR 164 General Steel Industries Inc v the Commissioner for Railways (NSW) (1964) 112 CLR 125 Re EWA Limited [1902] 2 KB 642 Walker v Bowry (1924) 35 CLR 48

50205/07: Resource Equities Limited (Plaintiff) Leon Phillip Carr (First Defendant / First Cross-Claimant) Nigel Charles Purves (Second Defendant / Second Cross-Claimant) Richard John Thomas (Third Defendant / First Cross-Defendant) John Hilton Garrett (Fourth Defendant / Second Cross-Defendant) PARTIES : 50214/07: Resource Equities Limited (Plaintiff) John Hilton Garrett (First Defendant / First Cross-Defendant) Louise Mary Garrett (Second Defendant) Richard John Thomas (Third Defendant / Second Cross-Defendant) Leon Phillip Carr (Fourth Defendant / First Cross-Claimant) Nigel Charles Purves (Fifth Defendant /Second Cross-Claimant)