CASE ANALYSIS: LAVIN v TOPPI In Lavin v Toppi, the High Court clarified the principles governing contribution between co-sureties where one surety pays more than its share of a guaranteed debt. I. MATERIAL FACTS The first appellant (Ms Lavin) and the first respondent (Ms Toppi) were guarantors, jointly and severally liable for a consolidated loan in the amount of $7,768,000 (the loan) which was provided by the National Australia Bank (the Bank) to Luxe Studios Pty Ltd (Luxe), a company of which
Bond is imposed as cash or surety, at the discretion of a judge, with consideration given to a person’s criminal history, the crime charged, one’s ability to pay, their risk to the community, and likelihood to reappear – amongst other factors. A cash bond is paid in full, to the court, and is returned upon conclusion of the case. A surety bond requires the use of a bonding company, which takes a certain percentage of the ordered bond as a non-refundable fee, for posting the bond on your behalf
friends and relatives. Indeed, in its strict sense, the word "bail" is used to describe the person who agrees to act assuredly for the accused on his release from jail and becomes responsible for his later appearance in court at the time designated. As surety, the bail was liable under the law for any default in the accused's appearance. Purpose Of Bail - 3Between the 13th and 15thcenturies the sheriff's power to admit to bail was gradually vested, by a series of statutes, in the justices of the peace
The Special equity relating to wives whom act as guarantors of their husband’s debt was refined by Dixon J who gave the leading judgment in the case of Yerkey v Jones. The essence of the principle was that if a wife who is the surety of her husband’s debt doesn’t understand essential information, due to the fact that the creditor has relied on the husband to inform his wife, and not dealt with her personally, the wife has a prima facie right to have the debt set aside. The principle has faced
Yerkey V Jones : The Principle Expressed by Dixon J . Mr Jones intended to purchase a poultry farm for £3,300 With condition that Mr Jones should procure a second mortgage from his wife for £1000 The solicitor of the creditors prepared the mortgage and Mr Jones persuaded his wife to sign and made liable to pay £1,000. Mr Jones failed in his poultry business. Mrs Jones sought equitable remedy, claiming she did not understand the nature of the transaction and did not receive any independent legal
common law in relation to the way they deal with injunction of bank guarantee. CONDITIONAL AND UNCONDITIONAL GUARANTEES Bank guarantees can be of two types: conditional and unconditional performance guarantees. Under a conditional guarantee, the surety happens to be liable when the party claiming the guarantee proves the breach of terms of the underlying contract or proves the breach of the te... ... middle of paper ... ...d. Therefore, the bank may ask the beneficiary to approach the court
If you are included in a car accident, its essential that you enlighten your guarantor concerning it when you can so not to refute your spread. Making a car insurance claim After an accident or a theft or flame, contingent upon how much blanket you have, its important to be readied with the goal that you make the car insurance case process simpler. In the event that you were included in an accident with another driver's car, bring down the accompanying portions and be readied to respond: • The enrolment
gives the guarantee is known as ‘surety’. The person in default of whose the guarantee is given is known as the ‘principal debtor’. The person to whom the guarantee is given is known as ‘creditor’. In a contract of guarantee, there are two contracts; the principal contract between the principal debtor and the creditor as well as a secondary contract between the creditor and the surety. The liability of the principal debtor is primary, whereas, the liability of the surety is secondary. The contract between
and underwriting capacity of the surety business is limited by the federal Miller Act. This underwriting limitation is determined by financial measures such as a percentage of the paid-in-capital less deductions and symbolizes the company’s long term financial stability and performance. In the case of Liberty Surety, this limit was stated as $663 million in 2009. The surety business is divided in 5 regional groups which in common have 40 offices and offer surety bonds mainly to medium sized businesses
discretion to set the guarantee aside. Dixon J suggests the principle is based on the relationship of husband and wife of the presumption of influence. Nevertheless the opportunities it gives are those that if the husband procures his wife to become surety for his debt, a creditor who consents her suretyship procured through her husband has been regarded as taking it conditional on any invalidating conduct on the part of her husband, although the creditor is not privy to such conduct. The decision
In a common law, a surety was essential to bailout a person, which was later dispensed with. However, the code of criminal procedure never spelled out the requirement of a surety as a precondition for release on bail though in practice the courts grant bail only on the accused’s furnising a bond with
I FACTUAL BACKGROUND In Lavin v Toppi, the High Court of Australia considered the application of equitable contribution for co-guarantors/co-sureties to a loan where a creditor had covenanted not to sue one of the guarantors. Ms Lavin and Ms Toppi were directors and equal shareholders of the company Luxe Studios Pty Ltd (“Luxe”). In 2005, Luxe purchased a property in Sydney for the purpose of running a photographic studio, funded by a loan from the National Australia Bank (“the Bank”). Further loans
It is provided under Section 128 of the Indian Contract Act that “the liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract.” Therefore, it is imperative to consider whether according to the terms of the bond there is any particular thing which demonstrates that the surety’s
Best Business Practices in Land Title Insurance Law and Risk Management – Spring 2014 Paul Drake After the housing bubble burst, everyone involved in the process was subject to severe criticism. From the realtors to the land title insurance agents to the banks, the housing industry underwent a major overhaul. In order to make sure that what happened less than a decade ago doesn’t happen again with the same veracity, the American Land Title Association (ALTA), which guides the conduct of land title
Those that qualify either cannot afford a bond, cash or surety, or are not trustworthy enough for release on own recognizance (OR). Pretrial monitoring officers interview defendants and create reports on each person which encapsulate their ties to the community (i.e. family, friends), employment, criminal history
EXPLAIN IN YOUR OWN WORDS THE EQUITABLE PRINCIPLES EXPRESSED BY DIXON J IN YERKEY V JONES AND DISCUSS HOW THESE PRINCIPLES IMPACTED UPON THE HIGH COURT’S DECISION IN GARCIA V NATIONAL AUSTRALIA BANK. In the case of Yerkey v Jones 1 (Yerkey v Jones), the judgment of Dixon J established a principle that operates in certain circumstances where a married woman provides a guarantee for her husband. While the principle has come under a significant amount of criticism in more recent times, it was reapplied
should be afforded to marry women, the second, called the ‘special equity theory’, considers that special rights should be available to those where the relationship between the debtor (husband), and surety (wife), is such that the surety relies upon the debtor. The debtor’s influence over the surety is a natural feature of the relationship. Lord Browne-Wilkinson recognised that even in the modern day women still depends upon their husbands to deal with financial matters. The leading authority
groups, and entrepreneurs, legislative support, and the need for policy in the given area. The more external support a concern has outside of government, the more likely it is to make its way onto the agenda. Problems, like Stuart Enterprise buying Surety bonds, rise quickly to governmental agendas for there happens to be strong base support from interest groups, the media, and legislative officials. Though most of Kingdom’s streams work independently of each other, there are times when they come
that product. Both Rodríguez and González represented the different sides of sustainability for the Saltillo fairs. Rodríguez showed poor sustainability because he ran away from his problems. He made a promise that he could not keep, so he hired a surety to do the talking for him. The buyers probably felt like the retailer was a coward because he would not tell them why he does not have the money face to face. González hurt the fair because the buyers might not come back because of the lack of respect
Scene 3, 378-381) I hate the Moor, And it is thought abroad that ‘twixt my sheets H'as done my office. I know not if't be true, But I, for mere suspicion in that kind, Will do, as if for surety. Iago states here he suspects Othello may have slept with his wife. He is not sure of this, but declares that surety is not necessary. I believe Iago is not so much concerned with his wife being unfaithful, but that he can't stand the thought that it may have been with Othello. (Act 1, Scene 3, 381-382)