SEA-CARGO SKIPS AS v STATE BANK OF INDIA

[2013] 2 Lloyd's Rep. 477

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before TEARE

Banking – Refund guarantee – Shipbuilding contract – Delay – Buyer cancelling contract – Builder failing to repay pre-delivery instalments of price – Buyer making demand on bank under refund guarantee – Bank refusing to pay – Whether demand complied with terms of refund guarantee – Whether enforcement precluded by buyer's assignment of refund guarantee.