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Rainy Sky SA and Ors v Kookmin Bank – Court of Appeal (Thorpe and Patten LJJ and Sir Simon Tuckey) – 27 May 2010
Contract – Guarantee – Shipbuilding contracts - Bank issuing advance payment bonds guaranteeing repayment to buyers of pre-delivery instalments of purchase price in certain events – Whether bond covered contractual repayments due from shipbuilder to buyers on insolvency of shipbuilder
(2010) 800 LMLN 1
The first to sixth claimants were Buyers under six shipbuilding contracts with Jinse Shipbuilding Co Ltd (“the Builder”), a Korean company. The defendant Bank issued bonds to those claimants to secure obligations assumed by the Builder under the shipbuilding contracts. The seventh claimant was the assignee of the first to sixth claimants’ rights under their respective bonds.
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Michael Daiches, Barrister
Jul 23 2010
