Plaintiff bank loaned RMB30 million yuan to First Defendant, secured by a mortgage on two engineering ships owned by First Defendant, Jiu Long 6 and Jun Jie 8. Second to Eighth Defendants guaranteed the loan. First Defendant fell into arrears in repayment of the interest due, and Plaintiff sued all eight Defendants to recover the principal of RMB30 million yuan plus outstanding interest of RMB949,569.48 yuan. None of the Defendants appeared in court, and none provided any written defense, so they were held to have renounced their rights.

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Shandong Shouguang Rural Commercial Bank Co., Ltd. v. Shouguang Jiulong Offshore Engineering Co., Ltd. et al.

  • Martin Davies,
  • Jiang Lin

摘要

Plaintiff bank loaned RMB30 million yuan to First Defendant, secured by a mortgage on two engineering ships owned by First Defendant, Jiu Long 6 and Jun Jie 8. Second to Eighth Defendants guaranteed the loan. First Defendant fell into arrears in repayment of the interest due, and Plaintiff sued all eight Defendants to recover the principal of RMB30 million yuan plus outstanding interest of RMB949,569.48 yuan. None of the Defendants appeared in court, and none provided any written defense, so they were held to have renounced their rights.