This text analyses the law of guarantee in Ireland and includes an overview of key principles resulting from the development of the law as well as detailed commentary.
This practitioner-oriented text explores the full range of issues that professionals encounter when dealing with the issue of guarantees and sureties. This is an area that has attracted increased attention since the financial crisis when there were numerous attempts to avoid guarantee liability. It continues to remain relevant as lenders still use guarantees as a method of credit enhancement when obtaining approval for loans from credit committees. This text provides the definitive practical guide to the law of guarantees.
Covers the following:
1. Contractual and formal requirements;
2. Obligations of the guarantor to the creditor benefiting from the guarantee;
3. Rights of the guarantor against that creditor, the principal whose obligations are guaranteed and any co-guarantors;
4. Defences to the guarantor's obligations including those resulting from duress, undue influence, fraud, unconscionable bargain, mistake, misrepresentation and lack of capacity;
5. Established principles of construction, including joint and several liability, limiting liability, specific and continuing guarantees, admitting extrinsic evidence, variations outside the guarantor's contemplation and co-extensiveness;
6. Principles affecting enforcement;
7. Discharging and terminating guarantee obligations;
8. Impact of insolvency;
and9. Statutory modifications including those affecting guarantors of consumers and SMEs, landlords and tenants.
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