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Bibby Financial Services Ltd v Magson: Difference between revisions
Bibby Financial Services Ltd v Magson (view source)
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{{cn}}A magnificent example of the old [[common law]] maxim ''[[Anus matronae parvae malas leges faciunt]]'' — “[[little old ladies]] make bad law”. | |||
In {{cite|Bibby Financial Services Ltd|Magson|2011|EWHC|2495}}, Bibby offered an invoice discounting facility to a company and, as security for amounts due to Bibby, two directors of the company gave personal {{t|guarantee}}s and [[Warranty|warranties]] in respect of sums due. | In {{cite|Bibby Financial Services Ltd|Magson|2011|EWHC|2495}}, Bibby offered an invoice discounting facility to a company and, as security for amounts due to Bibby, two directors of the company gave personal {{t|guarantee}}s and [[Warranty|warranties]] in respect of sums due. | ||
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The directors argued that neither the personal [[guarantee|guarantees]] were binding because they were executed as [[deed|deeds]] and, while all signatures had been witnessed and the documents had been handed over, the documents had still not been [[Deliver|delivered]]. | The directors argued that neither the personal [[guarantee|guarantees]] were binding because they were executed as [[deed|deeds]] and, while all signatures had been witnessed and the documents had been handed over, the documents had still not been [[Deliver|delivered]]. | ||
The directors’ personal {{t|guarantee}}s, even though signed and witnessed, were not in a final form: Manuscript amendments had been made with the intention that clean versions of the documents would be prepared incorporating the amendments, which would then be circulated and signed again. | The directors’ personal {{t|guarantee}}s, even though signed and witnessed, were not in a final form: [[Mark-up|Manuscript amendments]] had been made with the intention that clean versions of the documents would be prepared incorporating the amendments, which would then be circulated and signed again. | ||
At trial the directors’ argument won and Bibby could not enforce the documents as they had not been delivered as {{t|deed}}s. | At trial the directors’ argument won and Bibby could not enforce the documents as they had not been delivered as {{t|deed}}s. | ||
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Blimey! | Blimey! | ||
{{ | {{sa}} | ||
*[[Deed]] | *[[Deed]] | ||
*[[Guarantee]] | *[[Guarantee]] | ||
*[[Delivery]] | *[[Delivery]] | ||