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Velasquez v Solidbank: Guaranty Liability Explained by AlexandraSoledad is a document available to read on EtoBox.

What is Velasquez v Solidbank: Guaranty Liability Explained about?

The document discusses a case where a businessman took out a loan for pre-shipment financing from a bank. He signed a letter of undertaking promising to repay the bank if the sight draft for payment was dishonored. The sight draft was dishonored but the businessman argued he was not liable since the bank failed to protest. The court ruled he was still liable under the separate letter of undertaking, as it was a distinct contract from the sight draft.

Author

AlexandraSoledad

Language

EN