Case

   Daewoo Shipbuilding & Marine Engineering Co., Ltd. vs. Glory Advance Corporation

   -Dispute over contract of ship mortgage 

Case No. & Date of Judgment

   (2014) XiaHaiFaQueZi No.1; 12 May 2015 

Summary of Judgment

   The case concerns with a dispute arising from the mortgage guarantee created over a ship for the payment under a shipbuilding contract. As the underlying shipbuilding contract was then under an ad hoc maritime arbitration in London, the Court ruled to stay the trial at the plaintiff's application. After the arbitration award was issued and recognized, the Court based on facts confirmed in the arbitration award, ascertained the applicable law to be the laws of Panama that had been agreed by and between the parties, and in accordance with the laws of Panama, confirmed the plaintiff's mortgage.

Note

   Full text of the judgment could be referred to on the China Judgements Online website (http://wenshu.court.gov.cn/).