ZEELAND NAVIGATION CO. LTD. AND OTHERS v. BANQUE WORMS (THE “FORESIGHT DRILLER II”)

[1995] 1 Lloyd's Rep. 251

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Rix

Banking - Sale of ship - Notice requiring sale - Undertaking in loan agreement that if vessel had not secured employment bank could require vessel to be sold - Whether notice requiring sale served within reasonable time - Whether implied limitation on time within which bank entitled to serve notice - Whether plaintiffs in default of loan agreement.