Continental Illinois National Bank and Trust Co. v. Papanicolaou - Court of Appeal (Parker and Nourse L.JJ. and Sir Roger Ormrod) - 1 July 1986

Whether stay of execution appropriate when summary judgment given against guarantor

The plaintiff bank applied for summary judgment against the guarantors under three loan agreements. The defendants alleged that they had cross-claims against the bank for damages in negligence in carrying out its duties as mortgagee. The defendants were the personal guarantors of the indebtedness of the principal debtors, and as additional security for the loans the bank had mortgages of vessels owned by the borrowers.