30 Oct 1996
BANK OF CREDIT AND COMMERCE INTERNATIONAL (OVERSEAS) LTD. v. BANK OF CREDIT AND COMMERCE INTERNATIONAL (OVERSEAS) LTD. - MACAU BRANCH
- Citation
- BANK OF CREDIT AND COMMERCE INTERNATIONAL (OVERSEAS) LTD. v. BANK OF CREDIT AND COMMERCE INTERNATIONAL (OVERSEAS) LTD. - MACAU BRANCH
- Court
- Court of First Instance
- Case number
- HCA6578/1993
The court held that under Hong Kong law the deposits placed by the Macau Branch with the Bank of New York were deposits of the principal Bank; the deposit contracts expressly governed by Hong Kong law and created a repayment obligation to the principal Bank; Macanese liquidation law cannot alter obligations governed by Hong Kong law or confer on the Branch a right to those funds. Judgment entered for the plaintiff.
- Branch liability and identity
- Deposit obligations
- Proper law of contract
- Extraterritorial effect of foreign insolvency law
- Payment obligations of depositary bank