principal debtor. Defendants 2 and 3 guarantors. They have executed a continuing guarantee taking up the responsibility that they will also be liable ... Continuing guarantee and the main clause of the guarantee stipulates that this guarantee shall be a continuing security binding on defendants 2 and 3. When
thus:
129. Continuing Guarantee -- A guarantee which extends to a series of transaction is called a "continuing guarantee".
10. Although ... continuing guarantee and the main clause of the guarantee stipulates that this guarantee shall be a continuing security binding on defendants 2 and 3. When
July, 2012.
JUDGMENT
The effect and extent of a continuing guarantee so far as the law of
limitation is concerned, is the question raised ... limitation, the
guarantors continued to be liable on the strength of Ext.A3, continuing guarantee
in so far as the account remained alive
defendant in favour of the first defendant and it is a continuing guarantee and what is agreed upon by the second defendant thereby ... Comp Cas) :
"The guarantee is seen to be a continuing guarantee and the undertaking by the defendant is to pay any amount that
above condition in Ext. A1 guarantee, in fact, would relate to the revocation of the guarantee during the continuance of the dealings with the bank ... agreement of guarantee also would stand determined and the creditor bank cannot be permitted to contend that the guarantee would continue indefinitely until a notice
respondent extends to a series of transactions and is a
'continuing guarantee' and that the same is governed by
Article ... continuing guarantee and the main clause of the
guarantee stipulates that this guarantee shall be a
continuing security binding on defendants 2 and 3. When
appellant
guarantor to revoke guarantee as the appellant had agreed to
treat the guarantee as a continued one. Relevant paragraphs ... earlier, in the agreement of guarantee itself.
The agreement of guarantee clearly provides that the guarantee
shall be a continuing guarantee and shall
continuing security.
25. The Supreme Court had occasion to consider the question of limitation in respect of a continuing guarantee in Mrs. Margaret Lalita Samuel ... Comp Cas) :
"The guarantee is seen to be a continuing guarantee and the undertaking by the defendant is to pay any amount that
during
continuance of the attachment would neither amount to a transfer nor
a delivery of interest in the property. Execution of continuing
guarantee bonds ... interests therein. Only
O.P.(FC) No.290/2018 9
continuing guarantee bonds were executed in favour of the claim
petitioner in connection with
during continuance of the attachment would neither amount
to a transfer nor a delivery of interest in the property.
Execution of continuing guarantee bonds ... fact no transfer of the property or interests therein.
Only continuing guarantee bonds were executed in favour of
the claim petitioner in connection with
