Hong Kong Case Law: Decisions & Judgments

Topic

Guarantee consideration

Legal area

Court

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

HCA4487/1983

Facility Letters were construed to give the bank a continuing discretion to reduce or withdraw facilities and to call loans (they could become overdrafts payable on demand); no implied term prevented the bank calling loans without further notice nor that repayment depended on project success; the earlier tort pleadings did not amount to an election repudiating the loan contracts; triable issues existed in relation to loans connected to the Paliburg share transactions and as to consideration for guarantees in several actions; where no triable issue arose the court granted summary judgment for…
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

HCA4310/1983

Facility Letters were construed to allow the bank at its sole discretion to reduce or withdraw facilities on review and to call in loans; no triable issue arose from express terms or implied terms preventing call-in; no election arose from the earlier tort pleadings; triable issues existed concerning loans for purchase of Paliburg shares and as to consideration for certain guarantees; accordingly summary judgment was entered for plaintiffs for principal sums in specified actions and unconditional leave to defend was granted in specified other actions.
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

HCA4305/1983

The Facility Letters, construed commercially, permitted the lenders to reduce or withdraw facilities and to call loans after review dates; no implied term prevented call-in without notice; the plaintiffs' earlier fraud action did not amount to an irrevocable election to repudiate the loans; however triable issues exist as to loans advanced for purchase of Paliburg shares and as to consideration for guarantees, therefore summary judgment is appropriate in those actions where no triable issue arises and unconditional leave to defend must be given where triable issues exist.
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

HCA4319/1983

On construction the Facility Letters created loans subject to the lenders' reserved right at the review date to reduce or withdraw the facility so loans became repayable on demand after review; no implied contractual term prevented such demands or required notice; the plaintiffs' earlier tort pleadings did not amount to an election repudiating the loans; triable issues existed only in relation to loans alleged to be for Paliburg share purchases and to consideration for certain guarantees, and accordingly summary judgment was entered for plaintiffs in specified actions while unconditional leav…
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

HCA4480/1983

On construction the Facility Letters reserved to the lenders the right at their sole discretion to reduce or withdraw the facility and, after the review date, the facilities could be treated as callable (effectively overdrafts); the defendants did not establish triable issues based on the express terms or proposed implied terms; the earlier fraud proceedings did not amount to an irrevocable election to repudiate the loan contracts; triable issues were established in respect of alleged Paliburg share‑purchase arrangements and as to consideration for certain guarantees; summary judgment was the…

Hong Kong Case Law

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS

LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS