26 Oct 1977
STANLEY YEUNG KAI-YUNG AND ANOTHER v. HONGKONG & SHANGHAI BANKING CORPORATION
- Citation
- STANLEY YEUNG KAI-YUNG AND ANOTHER v. HONGKONG & SHANGHAI BANKING CORPORATION
- Court
- Court of Appeal
- Case number
- CACV21/1977
The Court held that professional stockbrokers who presented forged transfers impliedly warranted the genuineness of those transfers and were liable to indemnify the bank for loss caused by registration; the bank's failure to check signatures did not relieve the brokers absent prior complicity or default by bank servants, and the brokers could not rely on being mere conduits to avoid the implied indemnity.