GUARANTORS AT LAW.

New Zealand Herald, Volume LXIX, Issue 21130, 12 March 1932, Page 15

GUARANTORS AT LAW.

transaction with bank. RESERVED JUDGMENT GIVEN. The liability of four guarantors who had guaranteed advances made to a company, L. Marks, Limited, by a city "bank, formed the basis of a judgment delivered by Mr. Justice Smith in the Supreme Court yesterday. Plaintiff was the Traders' Finance Corporation, Limited, which sought to recover jointly and separately from L. Marks, leather merchant, Minnie Marks, married woman, possessing a separate estate, B. E. Hart, merchant, and Hart Brothers, Limited, merchants, £2083 6s Bd, together with interest at " P er cent, thereon as from July 17, 1930. When the case was heard on February 36 it was stated that on May 27, 1929, plaintiff and the four defendants'guaranteed the account, of L. Marks, Limited, with an Auckland bank for £2500. On Jnlv 17, 1930, plaintiff paid the bank's demand in connection with the guarantee and the secretary of plaintiff company was appointed receiver of the firm of L. Marks, Limited. It was claimed plaintiff was entitled to a refund from the other guarantors without waiting for the realisation of securities. Later, the defendants, with the exception of Minnie Marks, consented to judgment for £l4O each. His Honor made an order for the payment to plaintiff by each defendant of one-fifth of £692, wfth interest from February 16, 1932, to dale.