GMAC Commercial Finance Ltd v Mint Apparel Ltd

GMAC Commercial Finance Ltd v Mint Apparel Ltd

The claimant is entitled to summary judgment for the full amount of the bills of exchange. The IDA does not limit recovery to 85% or 80%. Any trust in favour of the exporter does not provide the defendant with a defence. The defendant has not established a real prospect of success on any set-off or counterclaim.

Parties
Claimant: GMAC Commercial Finance Limited (formerly GMAC Commercial Finance PLC); Defendant: Mint Apparel Ltd.
Jurisdiction
England and Wales
Judgment Date
07 October 2010
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment for the claimant
Legal Topics
Bills of Exchange, Summary Judgment, Set Off, Trusts, Trade Finance
Commercial Law Banking and Finance Bills of Exchange Summary Judgment Set Off Trusts Trade Finance

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 1 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

GMAC Commercial Finance Limited (formerly GMAC Commercial Finance PLC)

Claimant

Mint Apparel Ltd.

Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the claimant can recover 100% of the value of the bills of exchange or is limited to 85% or 80%
  2. 2 Whether the claimant is subject to a constructive trust in favour of the exporter for 20% of the proceeds
  3. 3 Whether the defendant can set off claims against the claimant as holder for value of the bills

Ratio Decidendi

The claimant is entitled to summary judgment for the full amount of the bills of exchange. The IDA does not limit recovery to 85% or 80%. Any trust in favour of the exporter does not provide the defendant with a defence. The defendant has not established a real prospect of success on any set-off or counterclaim.

Court Disposition

Summary judgment for the claimant

Orders

  • Defendant to pay the sum claimed under the two bills of exchange (US$759,200.49 plus interest)