Does a plaintiff bank have a duty to inform the guarantor respecting future credit facilities?
Ontario, Canada
The following excerpt is from Royal Bank of Canada v. Adecon Transport Inc., 2004 CanLII 66267 (ON SC):
I find as a fact that the plaintiff bank, had no duty to inform the guarantor respecting future credit facilities. The onus is, at law, clearly upon the guarantor to inquire: Bank of Montreal v. Collum, [2003] B.C.J. No. 438 (S.C.).
I find that the subsequent loan obligations in this instance are not material variations to the principal contract and in fact, were contemplated by the parties. Accordingly, I distinguish E-2 Fiberglass Products v. Debruyn, [1994] B.C.J. No. 2181 (B.C.C.A.).
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