What is this Borneo Housing Mortgage Finance Bhd v Time Engineering Berhad [1996] 2 CLJ 561 (Borneo Finance Case) about in regards to Sabah ?
This is a Federal Court case (highest in Malaysia). In this case, the Chargor (Developer) applied for a bridging loan from Borneo Housing Mortgage Finance on 1 March 1982 and entered into a Sale & Purchase with Time Engineering on 2 Nov 1982. The Charge was created on 28 May 1983. By 23 May 1986, Time Engineering has fully paid the amount to the Chargor. However, Chargor defaulted and subsequently the property was auctioned off to a third party on 30 Nov 1991. This case confirms the requirement for validity of registration (Section 88 of SLO) as paramount. The Charge was registered while the Sale & Purchase was not as there is no Sub-Title. The Developer is not a Bare Trustee until ALL payment is made and gives a registrable transfer (rather than date of Sale & Purchase as argued). (Registrable has special meaning which is the MOT must be signed, witnessed and dated) And this transfer has to be registered if one wants to claim priority (Section 88 of SLO). Arguing the Developer as a Ba
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