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TMF TRUSTEE LTD AND OTHERS v FIRE NAVIGATION INC AND OTHERS

Lloyd's Law Reports Plus

TMF TRUSTEE LTD AND OTHERS v FIRE NAVIGATION INC AND OTHERS

[2020] Lloyd's Rep. Plus 32

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Phillips

Guarantee – Loan Agreement for purchase of vessels – Buyers’ obligations guaranteed by guarantor – Guarantee containing “No Set-Off” clause – Lenders suing borrowers and guarantor and applying for summary judgment – Defendants raising defence based on “prevention principle” – Whether “No Set-Off” clause prevented defendants relying on “prevention principle”.

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