Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

CREDIT SUISSE v. BOROUGH COUNCIL OF ALLERDALE

[1995] 1 Lloyd's Rep. 315

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Colman

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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