ANZ has failed for a second time to persuade a court that a director's guarantee may be enforced in connection with a business loan advanced to a properly developer in 2006.The Court of Appeal of the Supreme Court of Western Australia last week dismissed an appeal by ANZ against a 2015 ruling that the guarantee was void.In 2006 Vivaldi, a Perth-based developer, initially borrowed A$10.1 million from the bank in connection with a site in Mandurah. Julie Manasseh, the director, provided a "contract of guarantee" at the time.During 2008 and 2009, with interest payments capitalising, ANZ made a series of further offers to Vivaldi. The borrower finally accepted one of these in November 2009. The judge in the original trial concluded that the November 2009 agreement was a new contract to which the respondent had not consented and that even if it was a variation to the original 2006 agreement, "it increased the respondent's potential liability under the guarantee with the consequence that the guarantee was discharged."ANZ's staff seem to have mishandled the chain of documents intended to protect its position.The appeal court ruling observed "there is nothing uncommercial or unexpected in ANZ replacing earlier agreements with a substitute agreement intended to capture all the relevant contractual terms and conditions in one document. That it is standard banking practice [but] the only reasonable inference is that ANZ waived its condition precedent."