16 Oct 2006
BANK OF CHINA (HONG KONG) LTD v. CHAN YEUK WAI AND ANOTHER
- Citation
- BANK OF CHINA (HONG KONG) LTD v. CHAN YEUK WAI AND ANOTHER
- Court
- Court of Appeal
- Case number
- CACV26/2006
The Court of Appeal held the guarantees were properly within the subject matter of the 2nd SPA and the Assignment as a matter of construction; the Assignment validly transferred the guarantees to UFC under section 9 LARCO; the guarantees were continuing securities and assignable notwithstanding prior enforcement steps by the bank; the defendants' pleaded defences (including champerty, compromise, lack of notice, illegality, conspiracy and reliance on Hughes) were not supported by particulars or evidence and did not raise triable issues. Accordingly the appeal was allowed and summary judgment…