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Enforceability of Spousal Guarantees

April-26-2005

Lawyer Jeffrey Citron
Area Banking and Finance Law

Summary


The British Columbia Court of Appeal’s decision in Collum v. Bank of Montreal (leave to appeal to Supreme Court of Canada dismissed) may have broadened the duty of lenders to disclose material facts to spousal guarantors and should cause lenders to consider whether independent legal advice provided to spousal guarantors is sufficient protection to ensure enforceability of those guarantees. 


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