19 Dec 2014
CHINA GOLD FINANCE LTD v. CIL HOLDINGS LTD AND OTHERS
- Citation
- CHINA GOLD FINANCE LTD v. CIL HOLDINGS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA2900/2001
The court held the 1st Transfer Agreement effected a valid assignment of the entire loan because (a) the 9 documentary copies delivered to HGRED constituted sufficient 'proof of loan' under Clause 6 and were delivered prior to execution, (b) Clause 13 of the Loan Agreement does not require prior notice by the assignor and an assignment is effective as against the borrower upon notice (notice may be given by assignee), (c) plaintiff was estopped by express contractual warranties in the 1st Transfer Agreement from disputing authority, and (d) plaintiff failed to prove cancellation or that non‑p…