Tsu Soo Sin v Oei Tjiong Bin and Another

Tsu Soo Sin v Oei Tjiong Bin and Another

The Court held that the ledger entries, payment vouchers and audit confirmations constituted an effective equitable assignment by Oei Tok Kek to both sons; notice to the assignee is not an absolute requirement to complete an equitable assignment (subject to the assignee’s right to disclaim upon notice); the assignment vested OBW with an equitable interest and the two assignees were joint tenants such that amounts drawn by OBW were his entitlement during his lifetime and, on his death, the benefit passed to Tony by survivorship; consequentially the respondents’ claim for $870,000 failed and the appeal was allowed.

Citation
[2008] SGCA 46
Parties
Appellant (legal Representative of Estate of Oei Boon Wan): Tsu Soo Sin; First Respondent: Oei Tjiong Bin; Second Respondent: Siong Guan Company (Private) Limited
Court
Court of Appeal
Jurisdiction
Singapore
Judgment Date
17 November 2008
Case Number
CA 4/2008
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
appeal allowed
Legal Topics
Equitable Assignment, Notice to Assignee, Joint Tenancy Vs Tenancy in Common, Survivorship, Repudiation/disclaimer of Gift, Unconscionability, Requirements for Assignment (intention, Identification, Act)
Source Language
English
Equity Assignment Gifts Company Accounts Equitable Assignment Notice to Assignee Joint Tenancy Vs Tenancy in Common Survivorship +3 more

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Parties

Tsu Soo Sin

Appellant (legal Representative of Estate of Oei Boon Wan)

Oei Tjiong Bin

First Respondent

Siong Guan Company (Private) Limited

Second Respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether Oei Boon Wan (OBW) was an equitable assignee of his father’s loans to the Company
  2. 2 Whether notice to the assignee is required to complete an equitable assignment
  3. 3 Whether co-assignees (Tony Oei and OBW) held as joint tenants or tenants in common and effect of survivorship

Ratio Decidendi

The Court held that the ledger entries, payment vouchers and audit confirmations constituted an effective equitable assignment by Oei Tok Kek to both sons; notice to the assignee is not an absolute requirement to complete an equitable assignment (subject to the assignee’s right to disclaim upon notice); the assignment vested OBW with an equitable interest and the two assignees were joint tenants such that amounts drawn by OBW were his entitlement during his lifetime and, on his death, the benefit passed to Tony by survivorship; consequentially the respondents’ claim for $870,000 failed and the appeal was allowed.

Court Disposition

appeal allowed

Orders

  • Respondents\' claim for $870,000 dismissed
  • Appellant awarded costs of the appeal