15 Sept 1983
LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Citation
- LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA4317/1983
The Facility Letters were construed as loans subject to the lenders' reserved right to reduce or withdraw at their sole discretion and therefore (absent specific triable factual issues) were demandable after review dates; implied terms claimed by defendants were not warranted; commencing the earlier tort action did not constitute an election to repudiate the loan contracts; however triable issues existed concerning loans made for Paliburg share purchases and as to consideration for guarantees, so summary judgment was appropriate in many actions and leave to defend required in others.