Contract – Breach – Loan note – Where term of contract between borrower and two lenders required repayment of loan into account nominated by both lenders – Where borrower repaid money into account of one lender without obtaining nomination from both lenders – Whether term requiring nomination of account by both lenders operated only as a condition precedent to discharge of debt – Whether other lender waived breach of contract term by prosecuting earlier proceedings against recipient lender – Whether abuse of process for lender subsequently to proceed against borrower and guarantor for breach of contract.
Words and phrases – "abuse of process", "account nominated", "affirmation", "borrower", "breach of contract", "breach of duty", "condition precedent", "consequential loss", "creditor", "debtor", "defective performance", "direction", "discharge of a debt", "double operation", "guarantor", "joint account", "jointly and severally", "lender", "liability for breach", "loan contract", "loan note", "mitigation of loss", "negative duty", "note certificate", "obligation as to the manner of discharging the debt", "obligation to repay the debt", "ratification", "redemption notice", "remedies which were cumulative", "separate obligations", "waiver".
