Banking

Den Norske Bank ASA v Acemex Management Co [2003] EWHC 326 (Comm), Queen’s Bench Division, Commercial Court, N Teare QC, Deputy High Court Judge, 26 February 2003

Shipping – Ship mortgages – Bank loans secured by mortgages governed by law of Cyprus on three vessels – Loans guaranteed – Vessel arrested in Panama and sold there – Cargo perishable and thrown overboard – Cargo owner making claim against owner – Debt not discharged by sale – Action by bank against owner and guarantor – Whether bank owed duty of care to borrower or guarantor in relation to decision to arrest ship in one jurisdiction rather than another