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ARTICLE · 01 AUGUST 2017

To Assign Or Not To Assign, That Is The Question

MacRoberts
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Can a Guarantor be liable to an unknown entity in the event of assignation?

United KingdomFinance and Banking
Julie Hamilton
Julie Hamilton
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Can a Guarantor be liable to an unknown entity in the event of assignation?

The answer is yes. Lord Bannatyne in the recent Court of Session case of Promontoria (RAM) Ltd v John Moore, (https://www.scotcourts.gov.uk/search-judgments/judgment?id=599536a7-8980-69d2-b500-ff0000d74aa7) dismissed the Defender's legal challenges that the Pursuer did not have "title to sue" and had no relevant case in law. This decision gives Promontoria approval to sue Mr Moore for the debt they recently bought from and that he had guaranteed 10 years previously with Ulster Bank.

The facts of this case are not uncommon in today's banking world, where personal guarantees are routinely sought and loan or debt portfolios are bought and sold.

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