A guarantor's cause of action against solicitors for negligent advice regarding guarantee obligations accrues when the principal debtor defaults, not when judgment is obtained against the guarantor. The distinction between the actualisation of liability under a guarantee (which occurs on default) and the quantification of that liability (which may occur later at judgment) must be maintained for limitation purposes. The Court left open whether 'loss of a chance' and 'chance of a loss' are mutually exclusive categories.
The full text is available to signed-in members, including the 7 later cases that cite this judgment.
1 of the 7 citing cases carry a classified treatment. How each court treated it is available to signed-in members.