18 Jun 1998
CORNHILL DEVELOPMENT LTD. AND ANOTHER v. JOY LINE LTD. AND OTHERS
- Citation
- CORNHILL DEVELOPMENT LTD. AND ANOTHER v. JOY LINE LTD. AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP3731/1997
The court held that the plain wording of s.2 of the Money Lenders Ordinance must be applied: where a loan falls within Part 2 of Schedule 1 (an exempted loan), the person making that loan is not to be treated as a "money lender" for the purposes of ss.22 and 27. Consequently those sections did not render the Plaintiffs' loan and mortgage documents illegal and the Defendants' sole defence failed.