Swallowfalls LTD v Monaco Yachting & Technologies S.A.M. & Anor

Clause 2.5(a) of the 2010 Loan Agreement entitles Swallowfalls to repayment of the loan upon demand, and only the implied term of cooperation in milestone certification is to be read into the contract, not the broader implied term proposed by MYT.

Parties: Applicant: Swallowfalls Limited; Respondent: Monaco Yachting & Technologies S.A.M.; Respondent: Mr Peter Landers
Jurisdiction: England and Wales
Judgment Date: 27 February 2014
Procedural Posture: Civil Appeal / Court of Appeal Judgment
Outcome: Appeal and cross-appeal dismissed
Legal Topics: Loan Agreements, Implied Terms, Summary Judgment, Contractual Interpretation

Commercial Law Contract Law Loan Agreements Implied Terms Summary Judgment Contractual Interpretation

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 4 Party arguments 2 Amounts and remedies 7

Parties

Swallowfalls Limited

Applicant

Monaco Yachting & Technologies S.A.M.

Respondent

Mr Peter Landers

Respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

1 Whether clause 2.5(a) of the 2010 Loan Agreement entitles Swallowfalls to repayment of the loan on demand
2 Whether implied terms should be read into the 2010 Loan Agreement requiring Swallowfalls to cooperate with MYT in milestone certification

Ratio Decidendi

Court Disposition

Appeal and cross-appeal dismissed

Orders

Summary judgment for Swallowfalls on construction of clause 2.5(a)
No implied term preventing Swallowfalls from acts or defaults; only implied term of cooperation in milestone certification