23 Dec 2002
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. v. NORMAN JOHN MARTEL
- Citation
- THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. v. NORMAN JOHN MARTEL
- Court
- Court of First Instance
- Case number
- HCA4484/2001
The court held that the defendant raised an arguable defence because the Guarantee could properly be construed as referring to the 1993 Facility Letter so that the Holme rule is applicable; the 2000 consolidation and grant of time was arguably a material variation entered into without the defendant's consent; Clause 9 was not clearly worded to exclude the equitable rule that giving time discharges a surety; accordingly the master's summary judgment could not stand and the defendant was entitled to unconditional leave to defend.