Reference is made to the legal case between UOBT (Plaintiff) and Defendant. Today, the Supreme Court read the final judgment in favor of the Defendant.
Summary of the Supreme Court’s judgment
Legal dispute between UOBT and the Defendant is about the pledged machinery. According to the judgment of the Supreme Court made on 28 August 2015 and read on 19 Jan 2016, the judge of the Supreme Court made judgment in favor of the Defendant based on the following reasons.
The pledged machinery had been under the pledgor’s possession. The rental agreement is considered concealment provided that the pledged machinery had been installed at the pledgor’s factory and definitely utilized by the pledgor. Pursuant to the Civil and Commercial Code, Section 769 (2), the pledged agreement is extinguished. Hence, UOBT has no right to enforce the pledged machinery