single transaction and the Guarantee Agreement executed in that behalf is a guarantee for the single transaction and not a continuing guarantee relied upon ... intrinsic material found in the Guarantee Agreement Ex.P.4 it is held that the guarantee is a continuing guarantee and not restricted
follows:
"7. ... The agreement of guarantee clearly
provides that the guarantee shall be a continuing
guarantee and shall not be considered as cancelled ... different from an ordinary
guarantee. A guarantee which extends to a series of
transactions is called a "continuing guarantee". Such guarantee
makes
contained in the deed of guarantee.
Clause 7 of the guarantee agreement reads as follows:
"7. This guarantee shall not be revoked ... contract. A "continuing
guarantee" is different from an ordinary
guarantee. There is also a difference between
a guarantee which stipulates that the
guarantor
terms of the Guarantee Agreement inter-alia would read as
under:-
This guarantee shall be a continuing guarantee and shall
not be considered as wholly ... under:-
129. 'Continuing guarantee'.--
A guarantee which extends to a series of
transactions, is called a 'continuing guarantee'.
13. There
first respondent-Corporation is entitled to enforce the guarantee as the guarantee is a continuing one as could be seen from the deed of guarantee ... personal guarantee to the first respondent - Corporation towards the repayment of loan of the Principal borrower, the deed of guarantee is a continuing
deals with indemnity and guarantee 126 defines a contract of guarantee thus:
"A 'contract of guarantee' is a contract to perform ... continuing guarantee'. It means "A guarantee which extends to a series of transactions".
(13) In this case, the letter of guarantee executed
surety's liability"; section 129 states the "continuing guarantee"; sections 130 and 131 deal with revocation of continuing guarantee and revocation ... continuing guarantee by surety's death respectively; section 132 , 133 , 134 , 135 and 136 deal with liability of the sureties and discharge of their
Surety's liability; Section 129 states as to the "continuing Guarantee"; Sections 130 and 131 deal with revocation of continuing guarantee ... revocation of continuing guarantee by surety's death respectively; Sections 132 , 133 , 134 , 135 and 136 deal with liability of the sureties and discharge
letter of guarantee Ext. P-10 and it was, a continuing guarantee for the liability of Jabbar to the extent of Rupees ... letter of guarantee Ext. P-10 and it was, a continuing guarantee for the liability of Jabbar to the extent of Rupees
annum compounded on quarterly basis; that defendants 1 and 3 executed continuing guarantee agreement; that in addition to this the first defendant executed an Agreement ... liability'; Section 129 states to as the "Continuing Guarantee"; Sections 130 and 131 deal with revocation of continuing guarantee by surety
