Malayan Banking Berhad v Measurex Engineering Pte Ltd and Another

Malayan Banking Berhad v Measurex Engineering Pte Ltd and Another

The 1.5% spread was a component of the agreed all‑in interest and therefore recoverable; the Assistant Registrar's assessment of principal and simple interest did not preclude the plaintiff from pursuing other claims (such as cost of funds) at trial, so the appeal against the assessment was dismissed.

Source-derived case information.

Citation
[2002] SGHC 192
Parties
Plaintiff: Malayan Banking Berhad; First Defendant (borrower): Measurex Engineering Pte Ltd; Second Defendant (guarantor): Measurex Corporation Berhad
Court
General Division of the High Court
Jurisdiction
Singapore
Judgment Date
26 August 2002
Case Number
Suit 412/2000/V, RA 112/2002
Procedural Posture
Civil Contract/guarantee (banking Facilities) / Appeal Against Assessment by Assistant Registrar Following Summary Judgment
Outcome
Appeal dismissed
Legal Topics
Summary Judgment, Interest (simple Vs Compound), Cost of Funds, Interest Spread, Assessment of Sums
Source Language
english
Contract Banking Law Civil Procedure Guarantee Law Summary Judgment Interest (simple Vs Compound) Cost of Funds Interest Spread +1 more

Source-derived case record

Summary, issues, holding and outcome

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Parties

Malayan Banking Berhad

Plaintiff

Measurex Engineering Pte Ltd

First Defendant (borrower)

Measurex Corporation Berhad

Second Defendant (guarantor)

Procedural Posture

Civil Contract/guarantee (banking Facilities) / Appeal Against Assessment by Assistant Registrar Following Summary Judgment

Legal Issues

  1. 1 Whether a 1.5% spread formed part of the agreed all‑in interest and was recoverable from the guarantor
  2. 2 Whether the Assistant Registrar's assessment precluded the plaintiff from pursuing claims for cost of funds or other interest components at trial

Ratio Decidendi

The 1.5% spread was a component of the agreed all‑in interest and therefore recoverable; the Assistant Registrar's assessment of principal and simple interest did not preclude the plaintiff from pursuing other claims (such as cost of funds) at trial, so the appeal against the assessment was dismissed.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed