JCW

[recovery of Stakeholder sums]   Justin and Alvin Lai were counsel for the Plaintiff. The Court Decision covered amongst others the following points including important points of law:   (i)The solicitors holding monies as Stakeholders hold it as a trustee for both Vendor and Purchaser and not in a contractual capacity; (ii)The solicitors holding as Stakeholders need not be a party to the Memorandum of Agreement  are bound by the terms of the stakeholdership and is not exonerated from liability; (iii)The breach of a stakeholding term is not just a breach of undertaking but also a breach of trust; (iv)          The deposit of and holding the monies as a refundable deposit by the legal firm as a stakeholder is in the ordinary course of its  business and the 1st Defendant had acted within the scope of his apparent authority