Read the full judgment text of CACV 000127/1998 on BabelCite. This Court of Appeal judgment was delivered on 6 November 1998.
1. This is an appeal by the defendant ("Nissho") against the judgment given against it by Cheung J on 20 April 1998. The plaintiff ("Rudolph") is an American company. On 29 May 1995 it entered into a contract with Filon World Trade Company Limited ("Filon") for the sale to the latter of steel coils ("the sale contract"). Payment was to be by letter of credit. Filon then entered into an agreement ("the financing agreement") with Nissho. A sub-purchaser had agreed to open an irrevocable letter of