27 Jul 1983
AYALA INTERNATIONAL FINANCE LTD AND REPUBLIC NATIONAL BANK OF NEW YORK v. CAINE TAI INVESTMENT CO LTD AND OTHERS
- Citation
- AYALA INTERNATIONAL FINANCE LTD AND REPUBLIC NATIONAL BANK OF NEW YORK v. CAINE TAI INVESTMENT CO LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA3243/1983
The Commissioner’s 1976 written acceptance constituted an acceptable form of guarantee under section 22 and could not be successfully impugned; the defendants failed to demonstrate an arguable case under section 25 (no evidence of undue pressure or unreasonable over-security); accordingly there was no basis to grant leave to defend and the Master’s summary judgment was correctly upheld.