DA HUI SHIPPING (PTE) LTD (IN CREDITORS' VOLUNTARY LIQUIDATION) V AN RONG SHIPPING PTE LTD (IN LIQUIDATION) (SOCIETE GENERALE, SINGAPORE BRANCH AND ANOTHER, NON-PARTIES)

[2024] SGHC 166, High Court of the Republic of Singapore, General Division, S Mohan J, 28 June 2024

Ship mortgages – Ship mortgages granted to lender – Borrower having repaid more than its share of bank loan – Contribution from co-debtor – Subrogation – Subrogation to extinguished securities in equity – Rights following ship arrest and sale – Restitution – Unjust enrichment – Mercantile Law Amendment Act 1856 (2020 Rev Ed), section 2

The claimant DH and defendant AR were co-borrowers and jointly and severally liable under a lending agreement with BofA dated 24 August 2018.