FORM 24
(O. 40 r. 2 (1))
FORM OF GUARANTEE FOR THE ACTS AND
DEFAULTS OF A RECEIVER
In the Federal High Court
Suit No………………………..
Re…………………v
N………………
……………….
guarantee
for
N
……………...
Annual
premium
The guarantee is made the …………… day of ……………… 20 …………
Between………………… (Receiver) of …………………….. (Hereinafter called "the Receiver")
of the first part, the above-named (name of surety)……………………the registered office of
which is at …………………… in ……………………….. (hereinafter called "the Surety") of the second
part and the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, an
order of the ………………………. Judicial Division of the Federal High Court dated
the……………………… day of …………………. 20 …………………… and made in the above
mentioned action the Receiver has been appointed to receive (and manage) (follow words of the order).
And it was ordered that the receiver should give security to the satisfaction of the Judge on or before the
………….… day of …………….. 20 ………………….
And whereas the Surety has agreed at the request of the Receiver to issue this guarantee in consideration
of the annual premium above-mentioned (the first payment of which the surety hereby acknowledges)
which guarantee has been accepted by the Judge as a proper security pursuant to the said order in
testimony whereof one of the Registrar-of the Federal High Court has signed in the margin hereof.
Now this guarantee witnesses as follows:
1.
The Receiver and the Surety hereby jointly and severally covenant with the President and
Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and his successors,
that the Receiver shall and will from time to time duly account for what he has already received since
the date of the said order appointing him and shall hereafter receive or for what since the date of
the said order appointing him he has or shall hereafter be or become liable to pay or account for
as such Receiver (and Manager) as aforesaid including as well every sum of money or other property
so received during the period for which he has been appointed and also every sum of money or
other property so received in respect of any extended period which he may be appointed and shall
and will pay or deliver every such sum or property as the Court or Judge thereof may direct.
2.
(a)
Provided always that it is hereby mutually agreed sis followIf the Receiver, shall not, for every successive twelve months to be computed from the date of
his appointment as such Receiver as aforesaid or within fifteen days after the expiration of such
twelve months pay at the office of the surety, the annual premium or sum of
N………………….then, the Surety shall be at liberty to apply by summons at Chambers in the
said action to be relieved from all further liability as such surety under this guarantee save and