Kachara and Others v Shah and Company (C.A. 14-1930.)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The Court of Appeal held that a guarantee document stating responsibility for an existing debt and further amounts up to a specified limit sufficiently showed consideration on its face. The granting of future advances constituted valid consideration for guaranteeing both the existing debt and future advances within the stated limit.
Outcome
Matter remitted to trustee to accept proof of debt
Facts
Rajaballi Hasham Paroo applied to reverse the trustee's rejection of his claim for Sh. 2,929.19.78 in bankruptcy proceedings against Shah & Company. The claim was based on a guarantee document dated 18th May 1929, written in Gujerati, in which Shah & Company and Gokaldas Shamji guaranteed an existing debt of Sh. 59,891.07 owed by Shah Hirji Kara and Company, plus further amounts up to Sh. 100,000. The trustee rejected part of the proof of debt on grounds that the guarantee lacked adequate consideration. The Supreme Court dismissed the application, finding no consideration shown on the face of the guarantee and suggesting the transactions reeked with fraud. The appellant appealed to the Court of Appeal for Eastern Africa.
Issues
- Whether adequate consideration existed for the indemnity and guarantee contained in a Gujerati document dated 18th May 1929.
- Whether the granting of future advances constituted sufficient consideration for a guarantee of both existing debt and future advances.
Orders
- Appeal allowed.
- Matter returned to the trustee with a direction that the consideration for the guarantee sufficiently appears on the face of the document dated 18th May 1929.
- Costs awarded to the appellant in this Court and the Court below.
Rules and key headnotes
Cases cited (2)
- Laurie v Scholefield (1869) L.R. 4 C.P. 622
- Russell v Moseley (129 E.R. 1264)
Full judgment
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