Standard bank guarantee clauses providing that the guarantor's liability is not affected by the lender's failure to register security are effective to preserve the guarantor's liability even where registration of the mortgage was a condition of the credit contract. A lender's failure to register a mortgage that was a condition of the credit contract does not mean the advance was made under a different contract — it is merely a breach of the existing contract. The extension of the condition precedent doctrine to cases where the unregistered security is over a common asset of both guarantors was left open.
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