5 Mar 2024
RESIDENMAS DEVELOPMENT SDN BHD Raja Halinuddin Bin Raja Halid
- Citation
- M-02(NCvC)(W)-2003-10/2022 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- M-02(NCvC)(W)-2003-10/2022 (Mahkamah Rayuan)
The Court of Appeal held the 16.4.2009 Bailout and Temporary Take Over Agreement did not satisfy the requirements of an absolute assignment under s.4(3) CLA; read in its four corners the agreement created a profit‑sharing/security arrangement and conditional transfer (repayment/re‑transfer mechanics), not an unconditional transfer of PSK's rights. There was no express written notice to the Appellant amounting to assignment and the Respondent remained a stranger to the PSK‑Residenmas Agreement and thus lacked locus standi; consequently the High Court judgment was set aside and the Respondent's…