9 Oct 1986
DAO HENG BANK LTD v. LAM YING BOR INVESMENT CO LTD AND ANOTHER
- Citation
- DAO HENG BANK LTD v. LAM YING BOR INVESMENT CO LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA2773/1984
The solicitor's letter dated 16 March 1984 amounted to a valid declaration under clause 13.03 accelerating the entire principal to immediate payment; an overstated figure in a demand does not invalidate the demand; the guarantor was validly demanded and is liable; possession is available to the bank on the admitted Event of Default and the bank is entitled to judgment for HK$25,000,000 against the borrower and HK$25,000,000 plus interest at 15% p.a. against the guarantor, with unpaid interest against the borrower to be assessed.