Guarantor Liability After Modification of Principal Debt
Synthèse Legislator
Généré par l'IAA party sought review of a decision concerning the liability of a guarantor for a debt obligation, arguing that a subsequent agreement between the principal debtor and the creditor materially altered the terms, thus discharging the guarantor's obligations under the original instrument. The court reasoned that the subsequent modification, which involved an extension of time for payment and a minor change in interest accrual that did not fundamentally alter the debtor's primary liability or the creditor's rights against the principal obligor, was not material enough to discharge the guarantor, affirming the lower court's finding that the guarantee remained enforceable.
Regeste Legislator
Généré par l'IAArt. 66 al. 1 LTF; Guarantor Liability After Modification of Principal Debt: The court reasoned that the subsequent modification, which involved an extension of time for payment and a minor change in interest accrual that did not fundamentally alter the debtor's primary liability or the creditor's rights against the principal obligor, was not material enough to discharge the guarantor, affirming the lower court's finding that the guarantee remained enforceable.
Mots-clés
Généré par l'IADispositions légales citées
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Généré par l'IAProvision governing the allocation of court costs, cited in the final orders.
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