https://www.taxtmi.com/caselaws?id=99670 A company cannot avoid repayment of a loan taken for its benefit merely because a specific board resolution authorising the borrowing or renewal note is not proved, where the creditor dealt bona fide and the transaction was adopted in practice. The promissory note and guarantee were supported by consideration through the credited loan transaction, renewal of an existing debt, and forbearance, and the suit was not barred for want of presentment where demand was made and presentment was waived. The guarantor's heirs were liable only to the extent of property inherited from the estate, not their personal assets, and interest was confined to the post-demand period proved on the record. en-us Mon, 17 Apr 1978 00:00:00 +0530 Sat, 28 Jan 2012 12:27:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99670 A company cannot avoid repayment of a loan taken for its benefit merely because a specific board resolution authorising the borrowing or renewal note is not proved, where the creditor dealt bona fide and the transaction was adopted in practice. The promissory note and guarantee were supported by consideration through the credited loan transaction, renewal of an existing debt, and forbearance, and the suit was not barred for want of presentment where demand was made and presentment was waived. The guarantor's heirs were liable only to the extent of property inherited from the estate, not their personal assets, and interest was confined to the post-demand period proved on the record. Case-Laws Companies Law Mon, 17 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99670