8 Feb 1991
CHUNG KHIAW BANK LTD. v. HO SUI FONG AND ANOTHER
- Citation
- CHUNG KHIAW BANK LTD. v. HO SUI FONG AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA693/1983
The mortgagee breached its duty to take reasonable care in conducting the 2nd auction by failing to obtain an up-to-date valuation, by relying on forced-sale figures despite market improvement, and by providing inadequate publicity, causing the properties to be sold at an undervalue; proper market price was assessed at $650,000 and the mortgagee is limited to charging interest at the contracted rate of 2.5% over prime; amount due as at 18 October 1989 assessed at $360,593.62 and order nisi made for costs of assessment.