An 'all moneys' guarantee that does not secure any debt at the date of a statutory transfer under the Financial Sector (Business Transfer and Group Restructure) Act 1999 (Cth) is capable of securing debts subsequently owed to the receiving body, because the receiving body stands in the shoes of the transferring body and the guarantee continues to operate according to its tenor. Conventional estoppel at common law may extend to common assumptions as to the legal effect of a contract, not merely assumptions of fact. Contractual 'no set-off' clauses in guarantees preclude reliance on alleged breaches of duty in enforcement of securities as a defence to a claim under the guarantee.
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