2 Jul 1993
ZANDA INVESTMENT LTD v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
- Citation
- ZANDA INVESTMENT LTD v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
- Court
- Court of First Instance
- Case number
- HCCL78/1989
The court held the banks were not liable because a collecting banker who acts in good faith and without negligence is protected by s.86 of the Bills of Exchange Ordinance; Bank of America discharged the onus of absence of negligence on the facts and Barclays was not shown to have caused loss because Zanda had consented to the arrangement and was contributorily negligent in causing the proceeds to be payable to Asean, thus barring or reducing recovery. Although the endorsements by the alternate director lacked actual authority under company articles, statutory protection and the plaintiff's ow…