NSW Caselaw
New South Wales Supreme Court
CITATION : Macquarie Bank Limited v Glenn Craig Thomas [2010] NSWSC 843
HEARING DATE(S) : 27 July 2010
JUDGMENT DATE : 30 July 2010
JUDGMENT OF : Hammerschlag J
DECISION : Judgment for the plaintiff against the third defendant for $250,000
CATCHWORDS : CONTRACT – guarantee – consideration – guarantee contained in multiparty development finance agreement – where third defendant one of a number of guarantors – recital records that at the request of the borrower and the guarantors the lender has agreed to provide the facility to the borrower – sufficient consideration disclosed
CATEGORY : Principal judgment
Lau v Leff (1968) 70 SR (N.S.W.) 150 CASES CITED : Australian Woollen Mills Pty Ltd v the Commonwealth (1954) 92 CLR 424 Coghlan v S H Lock (Australia) Ltd (1987) 8 NSWLR 88 Breusch v Watts Development Division (1987) 10 NSWLR 311
PARTIES : Macquarie Bank Limited - Plaintiff Glenn Craig Thomas - Third Defendant
FILE NUMBER(S) : SC 2010/69172
COUNSEL : J. Stephenson [Plaintiff] M.W. Sneddon with C.E. Alexander [Third Defendant]
SOLICITORS : Watson Mangioni Lawyers Pty Limited [Plaintiff] C.L. Purcell [Third Defendant]
- 7 - IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION COMMERCIAL LIST
HAMMERSCHLAG J
30 JULY 2010
2010/69172 MACQUARIE BANK LTD –v- GLENN CRAIG THOMAS
JUDGMENT 1 HIS HONOUR: The plaintiff bank sues the third defendant for $250,000 on a guarantee which he gave and which is contained in an instrument styled Development Finance Agreement, to which I will refer as "the Agreement".
2 The Agreement commences with the following Recitals and Preamble: This is the Development Finance Agreement for the Facility made on the date appearing in Item 1 of the Schedule between the party in Item 2 of the Schedule ('the Lender') and the parties in Item 3 of the Schedule ('the Customer') and Item 4 of the Schedule ('the Guarantor'). Recitals At the request of each Relevant Person the Lender has agreed to provide the Facility to the Customer. Preamble This Agreement includes the Schedule and any Annexures. (emphasis added)
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