21 Nov 2007
FLYING MORTGAGE LTD v. CHAN KUEN KWONG AND ANOTHER
- Citation
- FLYING MORTGAGE LTD v. CHAN KUEN KWONG AND ANOTHER
- Court
- District Court
- Case number
- DCCJ5004/2006
Paragraph (h) of the loan agreements, providing for increased default interest, contravened s22(1) of the Money Lenders Ordinance and was therefore unenforceable; the plaintiff failed to establish severance or inequitable circumstances warranting enforcement under s22(2); upon judgment the contractual relationship ended and interest on unpaid principal is governed by s50 DCO, so Master Lai's application of judgment rate to outstanding principal was correct; appeal dismissed.