31 Jul 2007
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD v. YAN KING TAI ALBERT AND ANOTHER
- Citation
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD v. YAN KING TAI ALBERT AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCMP1589/2006
Interests on instalments in arrear were disallowed because none of the executed charges contained a clause authorising interest on arrears; however where the charge referred to the facility letter and the facility letter expressly provided for higher interest on sums due but unpaid, the mortgagee was entitled to charge that higher rate from the day after writ filing (applied to the two HSBC cases). In the Hang Seng case there was no clause permitting rate variation on default and therefore no higher default interest was allowed.