Beloxxi & Co. Ltd & Anor v. South Trust Bank & 2 Ors.

The 1st appellant obtained a $2,207,600 (Two Million Two Hundred and Seven 35 Thousand Six Hundred United States Dollars) loan from the 1st respondent, an American bank, to purchase biscuit manufacturing equipment. The loan was secured by the personal guarantee of the 2nd appellant, the Managing Director of the 1st appellant and a guarantee provided by the 2nd respondent. The guarantee given by the 2nd appellant included a Promissory Note and a Letter of Agreement while the 2nd respondent’s guarantee contained an undertaking to repay the 1st respondent in the event of the appellants’ default. While restructuring, the 2nd respondent assigned the loan to the 3rd respondent. When the appellants
defaulted, the 2nd respondent repaid the loan to the 3rd respondent.

₦300.00
Citation: 
2014 3 CLRN 59
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