Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Letters of credit (ucp)

Legal area

Court

4 Dec 2024

CTBC BANK CO LTD v. INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD

Citation

[2024] HKCFI 3525
Court

Court of First Instance
Case number

HCCL3/2024

Leave to appeal was refused because ICBC failed to demonstrate any reasonably arguable ground of appeal: there was no clear good arguable case of foreign illegality or real prejudice sufficient to warrant a stay; lis alibi pendens did not apply absent such a foreign illegality finding; the proposed fresh evidence would not meet the Ladd v Marshall criteria; and there was no justification for further delay in the action, so an unless order requiring filing of a Defence was appropriate.
11 Dec 1985

CIC-UNION EUROPEENNE INTERNATIONAL ET CIE v. WING SUN AND CO AND ANOTHER

Citation

CIC-UNION EUROPEENNE INTERNATIONAL ET CIE v. WING SUN AND CO AND ANOTHER
Court

Court of First Instance
Case number

HCA6698/1985

The interlocutory injunctions were discharged because the plaintiff lacked a proper cause of action in the absence of Panther (the holder of legal title) and, on the merits, the issuing/negotiating bank was obliged to honor and remit under the irrevocable letter of credit absent fraud or prior knowledge of the pledge; therefore defendants were entitled to have the injunctions lifted and payment under the credit to proceed.