- Regulation of banks
This chapter provides an overview of the law of guarantees as it applies in a banking context. It discusses the purpose, definition, and characteristics of a guarantee; the formal requirements applicable to the creation of a guarantee; the distinction between a guarantee and an indemnity; the interpretation of, and liability under, a guarantee; the application of legislation on unfair contract terms; the rules applicable to individual and corporate capacity; the duties of the bank to the guarantor; the discharge of the guarantor; certain vitiating factors; termination by the guarantor; and the rights of the guarantor following payment.
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