16 May 2001
KWOK YING LUNG v. KO CHI HUNG MAXWELL MABEL STRAUBE
- Citation
- KWOK YING LUNG v. KO CHI HUNG MAXWELL MABEL STRAUBE
- Court
- Court of Appeal
- Case number
- CACV142/2001
Where a loan's interest is capable of being expressed as a single constant actual rate (here $55,000/month = 60% p.a.), the 'effective rate' in ss.24 and 25 must be read as that actual rate and Schedule 2 does not apply; accordingly the preliminary finding of a 66.38% effective rate based on Schedule 2 was wrong and is set aside.