Wuhan Guoyu Logistics Group Co Ltd and Another v Emporiki Bank of Greece SA (No 2) – Court of Appeal (Longmore, Rimer and Tomlinson LJJ) [2012] EWCA Civ 1679 – 19 December 2013

Guarantee – Bank paying shipbuilder pursuant to on-demand guarantee in respect of instalment of purchase price – Arbitrators finding that instalment was not in fact due – Whether payment held by shipbuilder on trust for bank

By the time payment was made by the bank pursuant to the on-demand guarantee (see (2014) 890 LMLN 4) it had been conclusively determined by an arbitration award which had become final and subject to no further challenge that the second instalment had not in fact fallen due.