15 Sept 1983
LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Citation
- LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA6516/1983
The Facility Letters were construed as offering term loans but reserving to the bank the right at its sole discretion to reduce, withdraw or call the facility such that loans could be called after the review date and in many cases became repayable on demand; implied terms contended for were inconsistent with express terms and did not raise triable issues; the earlier fraud action did not constitute an irrevocable election repudiating the loan contracts; however triable issues existed as to loans used to acquire Paliburg shares and as to consideration supporting certain guarantees, requiring u…