15 Oct 1984
UNION BANK OF HONG KONG LTD v. CHAN KONG t/a THETA INDUSTRIES CO AND ANOTHER
- Citation
- UNION BANK OF HONG KONG LTD v. CHAN KONG t/a THETA INDUSTRIES CO AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA11179/1983
The Bank lawfully acquired the bill (or at minimum an equitable security) by virtue of the application to negotiate together with the letters of hypothecation; accordingly the Bank was entitled to credit US$10,000, dispatch the bill for collection, apply that credit to outstanding trust receipts and to realize security when the bill was dishonoured; the 2nd Defendant is liable under the guarantee. The 1st Defendant's counterclaim is dismissed.