Manifest disadvantage
Manifest disadvantage
- 1996
- Estates Gazette Case Summaries [1996] EGCS 62(1) (13/04/96) .
"Barclays bank plc v Sumner and another" ChD 29 March 1996. S each held half of the shares in a company of which they were sole directors. Approached B for assistance in expanding the activities of the company into property development. S`s house was sold and another home was purchased with a mortgage loan from B and an advance to purchase and develop a plot of land. B continued to finance further developments. In 1993 B made a formal demand on the company for £337,240.75. The bank`s security had been an unlimited guarantee signed by both defendants. Mrs S was given leave to defend guarantee claim. Judgment for the bank.
BANK LOAN
BARCLAYS BANK PLC V SUMNER AND ANOTHER
MANIFEST DISADVANTAGE
MORTGAGES
PROPERTY DEVELOPMENT
"Barclays bank plc v Sumner and another" ChD 29 March 1996. S each held half of the shares in a company of which they were sole directors. Approached B for assistance in expanding the activities of the company into property development. S`s house was sold and another home was purchased with a mortgage loan from B and an advance to purchase and develop a plot of land. B continued to finance further developments. In 1993 B made a formal demand on the company for £337,240.75. The bank`s security had been an unlimited guarantee signed by both defendants. Mrs S was given leave to defend guarantee claim. Judgment for the bank.
BANK LOAN
BARCLAYS BANK PLC V SUMNER AND ANOTHER
MANIFEST DISADVANTAGE
MORTGAGES
PROPERTY DEVELOPMENT