Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

CREDIT SUISSE v. BOROUGH COUNCIL OF ALLERDALE

[1996] 2 Lloyd's Rep. 241

COURT OF APPEAL

Before Lord Justice Neill Lord Justice Peter Gibson and Lord Justice Hobhouse

Banking - Guarantee - Ultra vires - Local council guaranteed development company’s liabilities - Whether Council had statutory power to enter into guarantee - Whether Council acting ultra vires - Construction of guarantee - Whether variations in loan agreement discharged liability under guarantee - Whether bank or Council could rely on variations by reason of estoppel, waiver or fraud - Quantum.

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