Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Collateral security

Legal area

Court

17 Nov 1976

ASIAN INTERNATIONAL ACCEPTANCES & CAPITAL LTD v. SAMUEL MACOMBER CHURN

Citation

ASIAN INTERNATIONAL ACCEPTANCES & CAPITAL LTD v. SAMUEL MACOMBER CHURN
Court

Court of Appeal
Case number

CACV57/1975

The Court held the variation increasing interest to 1.2% per month was a substantial alteration that could be prejudicial to an uninformed surety and, absent his consent, discharged the defendant from the undertaking; accordingly the appeal was dismissed.
27 Nov 1970

THE CROSS-HARBOUR TUNNEL CO LTD v. THE COLLECTOR OF STAMP REVENUE

Citation

THE CROSS-HARBOUR TUNNEL CO LTD v. THE COLLECTOR OF STAMP REVENUE
Court

Court of First Instance
Case number

HCSA1/1970

Although the promissory notes are the core instruments creating the appellants' liability, the debenture, by creating a floating charge which crystallises on default and confers priority over the appellants' assets, constituted Lloyds' principal security for purposes of Head 37(1) of the Stamp Ordinance and was therefore chargeable with stamp duty; the appeal is dismissed.