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A continuing personal guarantee remained enforceable despite the guarantor's resignation from the corporate debtor, because the deed expressly made the guarantee continuing, irrevocable and binding on demand. Revocation of a continuing guarantee was treated as operating only for future transactions and requiring notice to the creditor; communications to other consortium members were insufficient. Renewal of credit facilities was held not to amount to novation or a material variance discharging the surety, and liability continued for debt arising under the original loan documents. The challenge based on alleged non-consideration of the guarantor's objections was also rejected.
A continuing personal guarantee remained enforceable despite the guarantor's resignation from the corporate debtor, because the deed expressly made the guarantee continuing, irrevocable and binding on demand. Revocation of a continuing guarantee was treated as operating only for future transactions and requiring notice to the creditor; communications to other consortium members were insufficient. Renewal of credit facilities was held not to amount to novation or a material variance discharging the surety, and liability continued for debt arising under the original loan documents. The challenge based on alleged non-consideration of the guarantor's objections was also rejected.
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