News & Analysis as of

Suretyships

Sharply-Divided Washington Supreme Court Holds That Sureties, Like Insurers, Must Pay Attorney Fees to Prevailing Parties When...

by Pepper Hamilton LLP on

King Cnty. v. Vinci Constr. Grands Projets/Parsons RCI/ Frontier-Kemper, JV, No. 92744-8, 2017 Wash. LEXIS 743 (July 6, 2017) - King County contracted with three construction firms (collectively, “VPFK”) to construct a...more

Southern District Of Indiana Determines Parties’ Dispute Regarding Nonpayment Of Bond By Sureties Was Not Within The Scope Of...

by Carlton Fields on

In order to be arbitrable, a dispute must fall within the scope of the parties’ operative arbitration agreement. Here, a non-signatory to the relevant agreement was seeking to “invoke an arbitration provision that was not...more

Point of Interest: Sixth Circuit Complicates Sureties’ Duty Of “Good Faith”

by Pullman & Comley, LLC on

A hefty body of law declares that “suretyship is not insurance,” and so that sureties are not subject to claims for the tort of insurance bad faith. E.g., Upper Pottsgrove Township v. Internat’l Fidelity Ins. Co., 976...more

Secured creditors may vote during receivership upon reduction of secured claims

by White & Case LLP on

On 25 July 2016, the White & Case team obtained, at the Supreme Court of the Russian Federation (the "Supreme Court"), a declaration that a secured creditor has the right to reduce, at its discretion, the amount of a secured...more

Enforcing Personal Guaranties

by Murtha Cullina on

You might wonder whether lenders can enforce a guaranty of a loan from an individual or entity that has no formal connection with the borrower, i.e. someone who is not an owner or affiliated company. Generally, the answer is...more

Defence & Indemnity - June 2016: V. SURETY AND BOND ISSUES

by Field Law on

Obligee's claim against surety can survive despite Obligee's claim against principal being unenforceable as a result of wording of completion agreement - HOOPP Realty Inc. v. The Guarantee Company of North America, 2015...more

Guarantees and Suretyships – Can you ever really be sure of your surety?

by Dentons on

Recent revisions to the Russian Civil Code broaden the range of entities able to issue Russian law independent guarantees and introduce the concept of indemnities. These developments further complicate the decision on the...more

Defence & Indemnity - April 2016: V. SURETY AND BOND ISSUES

by Field Law on

Liability of surety in Quebec under a labour and material payment bond consistent with common law principles L’Unique Assurances Générales inc., Appelante, c Échafauds Plus (Laval) inc., Intimée, 2015 QCCA 1725 [4174]...more

Amendment to Illinois Mechanics Lien Act Authorizes Bonding Over of Mechanics Liens Claims

by Miller Canfield on

As of January 1, 2016, an amendment to the Illinois Mechanics Lien Act, 770 ILCS. 60/38.1, allows parties with an interest in real estate to substitute an eligible surety bond for a claim for mechanics lien as security for...more

Civil Code Reform: New Provisions on Contracts and Obligations

by White & Case LLP on

On 8 March 2015, the President signed Federal Law No. 42-FZ "On Amending Part 1 of the Russian Civil Code." The amendments aim at increasing the stability and predictability of contractual relations under Russian law at...more

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