11 Feb 1985
UNITED MERCHANTS FINANCE LTD v. TANG KAM YUK AND ANOTHER
- Citation
- UNITED MERCHANTS FINANCE LTD v. TANG KAM YUK AND ANOTHER
- Court
- District Court
- Case number
- DCCJ12321/1984
The s.22 proviso allowing simple interest on default must be read subject to Part IV; the aggregated effective rate comprising earned interest plus any default interest must not exceed the statutory ceilings (notably 60% per annum as unconscionable); the contractual clause charging 3% per month on sums in default is illegal as producing an aggregate effective rate likely to exceed Part IV limits and is severable from the remainder of the agreement; plaintiff entitled to judgment for principal and contractual interest excluding the illegal default charge, with specified court interest and cost…