4 Mar 2004
FORTIS BANK ASIA HK v. YU KAM HOI HERMAN AND ANOTHER
- Citation
- FORTIS BANK ASIA HK v. YU KAM HOI HERMAN AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP134/2002
The Court held that an equitable chargee lacks standing to seek sale of the whole property under the Partition Ordinance s.3(1); however, registration of the Charging Order Nisi gave constructive notice such that Herman and Franco were liable to account to the Bank for the market value of Joseph's 1/3 equitable interest at the time of sale (fixed at HK$260,000). The Firm breached its duty by failing to notify its clients of the registered charge and must indemnify Herman and Franco for HK$260,000 plus interest and costs.