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\b\fs24\lang2057\langfe1033\langnp2057\insrsid8591505\charrsid16605701 NATIONAL BANK OF NEW
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\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746 
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\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10973587 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid4864298\charrsid16605701 COOK ISL}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid16605701 
ANDS DEVELOP}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4864298\charrsid16605701 MENT}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12734329\charrsid16605701 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid16605701 COMPANY LIMITED}{\fs24\lang2057\langfe1033\langnp2057\insrsid10973587\charrsid875746  }{\fs24\lang2057\langfe1033\langnp2057\insrsid12734329\charrsid875746 a duly
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\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746 office at Rarotonga
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\par Mr McFadzien for the}{\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746  Plaintiff
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10973587\charrsid875746 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746 Mr Arnold for }{\fs24\lang2057\langfe1033\langnp2057\insrsid10973587\charrsid875746 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 D}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746 efendant
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
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\fs24\lang2057\langfe1033\super\langnp2057\insrsid13071686\charrsid875746 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746  Day of October 1982
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\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10973587 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10702556\charrsid16605701 JUDG}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid16605701 MENT

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\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10973587 {\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
On the 1st June 1975 the Plaintiff Bank agreed to make advances and other Banking accommodation available to the Manu-Rere Shipping Company Limited supported by a Guarantee in favour of the Plaintiff executed by the Cook Islands C}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12611718\charrsid875746 o-operative}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
 Wholesale Society Limited; Mitiaro Trading Company Limited; and Cook Islands Development Company Limited the Defendant Company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid10112501\charrsid875746 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
\par The Bank Guarantee is expressed as being joint and several; and that }{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
the liability of the Guarantors under guarantee is limited to the sum of $5000.00.}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
\par 
\par Mr McFadzien concedes that at the time the Cook Islands Co-operative Wholesale Society Limited went into receivership the Company paid or had paid to the Plaintiff a total
 sum of $904.17 as its contribution under the Guarantee and that the Plaintiff accepted those funds on that basis and on that understanding. In making submissions on this point it was further conceded that some of these funds had been paid to the Plaintif
f prior to the 19th of August 1976 (the date when}{\fs24\lang2057\langfe1033\langnp2057\insrsid1072361\charrsid875746  the Plaintiff made demand}{\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746  on the Defendant}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 ) and the balance paid subsequent to that date. No evidence was presented as to the exact amounts paid or the dates of payment although it was conceded that the sum 
of $904.17 had been paid. The short issue in dispute on these proceedings is whether the form of the Guarantee entitles the Plaintiff to recover $5000 and interest on such amount; or, as claimed by the Defence, $5000 less the previously mentioned paymen}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11431077\charrsid875746 t of $904.17 and interest on that}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746  reduced amount.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13071686\charrsid875746 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
\par Mr McFadzien claimed in the course of his submissions that the Guarantee entitled th}{\fs24\lang2057\langfe1033\langnp2057\insrsid12611718\charrsid875746 e Plaintiff to recover $5000 fro}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 m the Defendant Company; that payment by the Cook Islands Co-operative Wholesale Society Limited of $904.17 did not affect the Defendant}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
s liability of $5000 under the Guarantee; and that in effect the Guarantee entitled the Plaintiff to recover up to $5000 from each of the three guarantors which had signed it, that is a total of $15,000.
\par 
\par Mr Arnold for the Defendant conceded liability under the Guarantee for $4095.83 (i.e. $5000 less the payment already made of $904.17) together with interest as provided for in the Guarantee.
\par 
\par The Plaintiff pursuant to its rights un}{\fs24\lang2057\langfe1033\langnp2057\insrsid13662590\charrsid875746 der the Debenture made demand on}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
 the Defendant on the 19th August 1976 which is acknowledge}{\fs24\lang2057\langfe1033\langnp2057\insrsid6908625\charrsid875746 d}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
, and it is from that date that interest is to be calculated.
\par 
\par Mr McFadzien relied in particular on Clauses 1-2-3 and 15 of the Guarantee which he claimed entitled the Plaintif}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337172\charrsid875746 f to recover the sum of $5000 f}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid5337172\charrsid875746 om}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
 the Defendant on the basis that each Guarantor was liable for that amount. I do not accept that submission.
\par 
\par This Guarantee expressly provides that the three guarantors }{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
hereby jointly and severally covenant and agree with the Bank as follows:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
 It is therefore the normal joint and several guarantee which is standard in modern banking practice and usage. Clause 15 of the Guarantee states as follows:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14167091\charrsid875746 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
15. The liability of the Guarantors under this guarantee is limited to the sum of }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid3216203 FIVE THOUSAND DOLLARS }{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
($5,000.00) and a sum equal to one year}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
s interests thereon at the rate charged by the Bank to customers on overdrawn accounts of a like nature to the account hereby guarantee at the date when demand hereunder shall be made on the Guarantors and the costs and expenses incurred in obtaining or e
n
deavouring to obtain payment of such moneys together with compound interest on the sum demanded and on such costs and expenses until actual payment at the rate aforesaid calculated with half-yearly rests on the usual days for balancing the books of the Ba
nk and computed in respect of the sum demanded from the date of the demand and in respect of such costs and expenses from the date of the same having been paid.}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10233597\charrsid875746 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par This clearly and explicitly sets out the limitation of the guarantors liability of $5000 under
 the joint and several guarantee. If as Mr McFadzien claimed each guarantor was liable to $5000 and the Plaintiff could therefore make three claims of $5000 then the Guarantee would have said:
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
The liability of each Guarantor under this guarantee is limited to the sum of $5000\'85}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par It doesn}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 t say that. Rather it says:
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
The liability of the Guarantors under this guarantee is limited to the sum of $5000\'85}{\fs24\lang2057\langfe1033\langnp2057\insrsid4794971\charrsid875746 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par Reference to the clause 1 which deals wit
h the extent of the guarantee; and clause 3 which covers the question of waiver do not in my opinion in any way affect modify or alter the provisions of clause 15 which clearly sets out the extent of the Guarantors (plural) liability of $5000.
\par 
\par I find therefore that the Plaintiff is entitled to }{\fs24\lang2057\langfe1033\langnp2057\insrsid14167091\charrsid875746 Judgment}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746  as follows:
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16384913 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 (a) The sum of $4095.83}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8396103\charrsid875746 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16384913 {\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 (b) One years interest thereon from the 19/8/76 to the 18/8/77 at 8}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8396103\charrsid875746 \'bd}{\fs24\lang2057\langfe1033\langnp2057\insrsid8787799  }{\fs24\lang2057\langfe1033\langnp2057\insrsid8396103\charrsid875746 %.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13388719\charrsid875746 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16384913 {\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 (c) Compounded Interest from the 19/8/77 to the date of this }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14167091\charrsid875746 Judgment}{\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 .
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid16384913 {\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 (d) Costs to the Plaintiff as per scale as on a Defended hearing.
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid13388719 {\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid875746 
\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8396103 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14236487\charrsid16605701 Judge
\par }}