Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_90
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 90
Character Range: 896903–897793

90  Requirements to be met before credit provider can enforce guarantee against guarantor
 (1) A credit provider must not, under a guarantee, enforce a judgment against a guarantor unless:
 (a) the credit provider has obtained a judgment against the debtor for payment of the guaranteed liability and the judgment remains unsatisfied for 30 days after the credit provider has made a written demand for payment of the judgment debt; or
 (b) the court has relieved the credit provider from the obligation to obtain a judgment against the debtor on the ground that recovery from the debtor is unlikely; or
 (c) the credit provider has made reasonable attempts to locate the debtor but without success; or
 (d) the debtor is insolvent.
Criminal penalty: 50 penalty units.
 (2) Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.