Own responsibility of bank is not limited to the sum of the given-out guarantee

Show original
The financial club (lessor) gave out to society — the borrower of 570 million rubles. The obligation of the borrower was provided with bank guarantee for the sum which is not exceeding 50 percent of the current sum of a principal debt. Besides, conditions of a guarantee provided that responsibility of bank for breach of obligations on bank guarantees is limited only to the volume of obligations for this guarantee. The borrower went bankrupt and credit did not return to financial club. Bank too refused to the lessor payment the sums provided by a guarantee. However in a judicial order the financial club managed to collect from bank...

Full article is available at its source

Go to full article

Sign up for more features!

Get full access to news analytics for free and without ads.

Article analysis

×