Promissory Note Enforceability After Collateral Modification
Suisse · Canton de Genève (CH-GE)
Synthèse Legislator
Généré par l'IAA dispute arose regarding the enforceability of a promissory note, where the maker asserted that a modification to the underlying agreement, changing the collateral securing the debt, constituted a material alteration that discharged their liability. The court reasoned that the modification to the collateral, specifically the replacement of a primary guarantor with a secondary one, did not materially alter the essential terms of the note itself, which concerned the unconditional promise to pay a specified sum, thus the maker remained liable on the original instrument.
Regeste Legislator
Généré par l'IAPromissory Note Enforceability After Collateral Modification: The court reasoned that the modification to the collateral, specifically the replacement of a primary guarantor with a secondary one, did not materially alter the essential terms of the note itself, which concerned the unconditional promise to pay a specified sum, thus the maker remained liable on the original instrument.
Mots-clés
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