10 Dec 1996
CHAIROD MAHADUMRONGKUL AND ANOTHER v. BANK OF CREDIT AND COMMERCE HONG KONG LTD (IN LIQUIDATION)
- Citation
- CHAIROD MAHADUMRONGKUL AND ANOTHER v. BANK OF CREDIT AND COMMERCE HONG KONG LTD (IN LIQUIDATION)
- Court
- Court of Appeal
- Case number
- CACV149/1996
On true construction clause 2(c) of the Agreement Letter created an immediate contractual automatic set-off (triggered within 10 days of borrower default) that operated to set off the deposits against the borrowers' loans, displacing any claim that the deposits were impressed with a trust; accordingly the Cross-appeal is allowed and the deposits are to be set off (Prime Box from 12 September 1991; the other three borrowers from 17 July 1991).