Is a guarantee more like an indemnity than a guarantee?
Ontario, Canada
The following excerpt is from Guarantee Company of North America v. Resource Funding Limited, 2008 CanLII 56006 (ON SC):
Manulife Bank of Canada v. Conlin, supra, dealt with a guarantee. However, the terms of the guarantee in that case provided that the guarantors were signing as principal debtors and not as sureties. Thus the essential feature of the guarantee was more like an indemnity than a guarantee if the distinction between the two is taken into account. Yet the contra proferentem rule was applied.
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