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Bank entitled to proceeds of life policy taken out by guarantor of company debts
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High Court dismisses a claim by a personal representative that he was entitled to the proceeds of a life policy of the deceased, where the premia had been paid by a company and the deceased had executed guarantees in relation to the company's debts, and where a letter from the lending bank did not have the effect of revoking or cancelling the guarantees.
Life policy - effect of termination of a guarantee for a deceased's person's estate - premia discharged by debtor company - whether personal representative of deceased entitled to proceeds of life policy - whether guarantees to bank lawfully terminated by deceased - guarantees executed - debts of company of which deceased was director - whether letter of 2011 superceded prior arrangements in failing to refer to guarantee - revocation or cancellation of guarantee - effect on future borrowings and existing borrowings - use of term "recoverable".
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