liability under the guarantee

Accordingly Mr. O'Brien's liability under the guarantee was established by the judgment below.

The bank did not advise the Amadios that there was no limit on their liability under the guarantee - the Amadios believed the liability was limited to $50,000.

As security it was agreed that Mr. O'Brien would guarantee the payment by the company of its indebtedness and that his liability under the guarantee would be secured by a second charge over the house which was believed to have an equity of about £100,000.