2 Dec 2009
RE HANG FUNG JEWELLERY CO LTD
- Citation
- RE HANG FUNG JEWELLERY CO LTD
- Court
- Court of First Instance
- Case number
- HCCW503/2008
The Court held the cargo receipt constituted an attornment effecting constructive delivery and thereby completed a valid pledge in favour of the Bank over the 40 identified gold bars; although the cargo receipt would otherwise be an assurance of chattels (and thus a bill of sale), it fell within the statutory exception as a document used in the ordinary course of business as proof of possession or control of goods and therefore did not require registration; accordingly the pledge was valid and the Bank was entitled to apply the proceeds of sale to discharge the indebtedness. The Pledge and Tr…