GOLDEN RICH FINANCE LTD v. LAM SAU FA

GOLDEN RICH FINANCE LTD v. LAM SAU FA

The court found Golden Rich had made out a prima facie case and the defendant failed to raise any credible triable issues: the recording and contemporaneous documents rebut the alleged syndicate and fraud; the identified MLO breaches were either immaterial or remediable (HK$13,000 to be deducted under s.27(4)); accordingly summary judgment was entered for Golden Rich and the consolidation summons dismissed.

Citation
[2018] HKCFI 572
Parties
Plaintiff (hcmp 84/2017); Defendant (hca 3248/2016): Golden Rich Finance Limited; Defendant (hcmp 84/2017); Plaintiff (hca 3248/2016): Madam Lam
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
21 March 2018
Case Number
HCMP84/2017
Procedural Posture
Mortgagee Proceeding (originating Summons) and Related High Court Civil Action (writ) / Substantive Hearing of Originating Summons for Summary Judgment; Interlocutory Summons for Consolidation Dismissed
Outcome
Judgment entered for Golden Rich Finance Limited; Summons for consolidation dismissed; costs awarded to Golden Rich on an indemnity basis with summary assessment
Legal Topics
Summary Judgment, Enforceability of Legal Charge, Money Lenders Ordinance Compliance, Alleged Conspiracy/undue Influence, Costs (indemnity)
Source Language
EN
Mortgage Contract Moneylenders Regulation Property Civil Procedure Summary Judgment Enforceability of Legal Charge Money Lenders Ordinance Compliance +2 more

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Parties

Golden Rich Finance Limited

Plaintiff (hcmp 84/2017); Defendant (hca 3248/2016)

Madam Lam

Defendant (hcmp 84/2017); Plaintiff (hca 3248/2016)

Procedural Posture

Mortgagee Proceeding (originating Summons) and Related High Court Civil Action (writ) / Substantive Hearing of Originating Summons for Summary Judgment; Interlocutory Summons for Consolidation Dismissed

Legal Issues

  1. 1 Whether the First Legal Charge and Loan Agreement are enforceable
  2. 2 Whether allegations of a syndicate/conspiracy vitiate the mortgage transaction
  3. 3 Whether breaches of the Money Lenders Ordinance (ss.7,18(2)(j),21,27) render the agreement unenforceable

Ratio Decidendi

The court found Golden Rich had made out a prima facie case and the defendant failed to raise any credible triable issues: the recording and contemporaneous documents rebut the alleged syndicate and fraud; the identified MLO breaches were either immaterial or remediable (HK$13,000 to be deducted under s.27(4)); accordingly summary judgment was entered for Golden Rich and the consolidation summons dismissed.

Court Disposition

Judgment entered for Golden Rich Finance Limited; Summons for consolidation dismissed; costs awarded to Golden Rich on an indemnity basis with summary assessment

Orders

  • Judgment entered for Golden Rich Finance Limited for all monies due under the First Legal Charge and for delivery of vacant possession of the Mortgaged Property
  • Summons dated 5 May 2017 for consolidation dismissed