10 May 2022
UNITED OVERSEAS BANK (MALAYSIA) BHD 1. ) TAN CHONG WHATT 2. ) TAN CHOR KHENG 3. ) GERALD YEO @ YEO AH KHE
- Citation
- WA-22NCC-510-10/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-510-10/2020 (Mahkamah Tinggi)
The Guarantee was construed to include principal debtor and indemnity obligations, so guarantors could be liable for post‑winding up interest; however the Plaintiff impaired the guarantors’ remedies by permitting reassignment/release of the charged asset and allowing the liquidator to retain surplus sale proceeds without preserving guarantors' subrogation rights and by failing to realize the charged asset promptly (within the statutory six‑month period under s8(2A)), thereby discharging the guarantors under sections 92 and 94 of the Contracts Act 1950 and/or estopping the Plaintiff from claim…