On 5 May 2016, Justices Nettle and Gordon granted special leave to appeal the decision of the New South Wales Court of Appeal in Simic v New South Wales Land and Housing Corporation [2015] NSWCA 413.
Kemp Strang has acted for ANZ during the course of the proceedings which were first heard before Justice Kunc in the New South Wales Supreme Court and by Chief Justice Bathurst and Justices Ward and Emmett on appeal.
Both Justice Kunc and the Court of Appeal found that misdescription of the name of a favouree of a bank guarantee did not preclude the intended favouree from calling on the guarantee.
The High Court will examine the interrelationship between ordinary principles of contractual construction and those that are specific to letters of credit, being the strict compliance principle and the autonomy principle.
The matter will be listed for hearing before the High Court in July 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
