Harre CJ
```html 1 IN THE GRAND COURT OF THE CAYMAN ISLANDS HOLDEN AT GEORGE TOWN, GRAND CAYMAN CAUSE #110 OF 1992 BETWEEN (1) HERVIN EBANKS PLAINTIFFS (2) COLDEV DEVELOPMENTS LTD. MORRITT PROPERTIES (CAYMAN) LTD. DEFENDANT AND plain ince by The first tiff in person No appeal y the second plaintiff For the Pierre Lamontagne QC， instructed by nt：Truman Bodden & Co. fe HARRE C. and i JUDGMENT st'ting： By Origin and 1 Summons the applicants sought a declaration that the principal. (legisterest in respect of which a mortgage was entered on the Land 6th er against George Town East Block 20 Parcel 195 as numbers to in favour of the defendant， Morritt Properties numbers (Cayman) d Aug| 1 arise "Morritt") is not owing to Morritt； and injunctive and other re ion of The issu from two written agreements dated respectively 23rd August a October 1989. The 23rd August Agreement was made in contempl ra of the later one， which I shall call the Main Agreement. In the 2na de 1st agreement it was recited that Morritt had made nd I R at es： 3r ```
```html 2 certain advances to the first plaintiff ("Ebanks) for the purchase of a boat being constructed at that time by Corinthian Yachts， Inc. of St. Petersburg Florida. That boat was the subject of a vessel purchase contract dated 1st August 1989. The buyer referred to in the purchase contract was Coldev Developments Ltd. (Coldev) a company owned by Ebanks. The intent as set out in the 23rd August agreement was that the parties should henceforth extend good faith efforts to ensure that a number of transactions which were listed in schedules to that agreement were all effected and that Morritt's attorneys should prepare an Agreement covering the parties' respective rights and obligations. The connection therewith. Morritt was to loan US$500， 000 to Ebanks secured by a first mortgage on the boat and charges against property owned by Coldev and Ebanks' personal home. Ebanks v purc range for Coldev to assign to Morritt its interest in the vessel to lohase contract. The agreement also provided that Morritt assign ownership of the boat upon the granting of the first mortgage on it. 30% of the gross income from the operations of the boat by accrue to Morritt until the loan was repaid in full. The Main Agreement purported to consummate the transactions contemplated by the 23rd August Agreement. It governed the terms and conditions of the US$500， 000 loan and various securities that Ebanks and Coldev were making available to Morritt to secure it. Among the conditions precedent for the drawdown of the balance of the loan were Ebanks should deliver to Messrs Truman Bodden & Co. an executed share of the assignment to Morritt of Coldev's interest in the vessel purchase contract； an executed copy of the first mortgage on ```
Entire Agreement This main agreement and the 23rd August agreement which is hereby incorporated by reference contains the whole of the agreement between the parties concerning the loan and the transactions referred to herein and there are no collateral conditions, warranties, agreements or representations not specifically set forth herein. No alteration, amendment or variation hereof shall be effective or binding on the parties unless in writing and signed by each of the parties. In the event any discrepancy between the earlier agreement and the 23rd August agreement exists, the main agreement shall govern.
Notwithstanding any delay in exercising or omission by any party to exercise any right or power vested in them under this Agreement, such right or power shall not be construed as a waiver of or as an excuse for any default by any party and no condition, covenant or agreement herein shall constitute a waiver of such condition, covenant or agreement except in so far as the waiving party can at no
```html 4 shall notify in writing to the party in default in respect of a particular breach giving rise to such wavier." Evidence in this case was given partly by affidavit and partly orally. According to Ebanks there was, notwithstanding the provisions of the Main Agreement to which I have referred, an oral variation of it made between him, acting personally and also on behalf of Coldev, to provide Cojat Morritt would take title to the vessel rather than a mortgage. Grandev would take possession of the vessel when it arrived the nd d Cayman, operate it as a commercial pleasure craft and pay Morritt the purchase price of U.S.$500,000 by instalments. That was supported by an affidavit of Richard Roberts, the Managing Director of Cojat at the time. He ceased to be employed by Morritt on 27th July 1990 but was available for cross-examination. I reject his recollection of the matter as it is inconsistent with the document of the trial. In the event the vessel ran aground off Cuba on its voyage from Florida to Grand Cayman. Issues of both fact and law arise as a consequence of that. The first plaintiff declined to cross-examine on the affidavit evidence on which the defendant relied. That evidence consists of affidavits of Mr. Roger Nelson and Mr. Blake Longacre, a director of the defendant. The defendant's case is that what took place was wholly gratuitous and in accordance with the 23rd August Agreement ```
5 and the Main Agreement; the defendant took title to the boat pursuant to the assignment to it of Coldev's interest in the Vessel Purchase Contract as provided for in the Main Agreement and was consequently the owner of the boat when it ran aground. The ownership was by way of security for the loan of $500,000.00 which the defendant made, and it was not obliged to reassign the boat or discharge that security until all outstanding liabilities of the plaintiffs to the defendant had been paid in full, or until a first mortgage of the boat was given to the defendant. It is not in dispute that neither of these events occurred. A review of contemporary documents shows that Rollin Jackson of Bluewater Recreates Ltd. was the person most closely involved in the efforts to sell the boat and get her to Grand Cayman. This is not surprising, since that company, which is controlled by Ebanks, was to operate the boat and stood to lose money as a result of any delay in starting with operation. There is also documentary evidence of transactions in relation to equipment for the boat and alterations, expressed by Ebanks and a Miss Walsh, who was associated with Blue Water Ventures and signed cheques on its behalf. All this rather inconclusively as to whether any amendment to the written terms as to ownership of the boat had been made, but if the defendant regarded itself as having taken ownership of the boat outright rather than by way of security for a loan, greater interest in it was not to be expected. The description of Rollin Jackson as "owner of the Lee Emerald Eyes" in a towing agreement dated 5th January 1990 is, in view, inaccurate, but it is more compatible with the account of the decision to sell the boat.
6 terms of the written agreements than with the verbal amendment to these agreements alleged by the plaintiff. Once the vessel had arrived in Grand Cayman it was operated by Blue Water Ventures Ltd. without any written lease or charter agreement with Morritt. That would be a remarkable situation if the defendant was considered to be the owner otherwise than by way of security. On 18th September 1990, the first plaintiff sent a facsimile transmitting agreement Blake Longacre of the defendants which purported to be "a Sales Agreement drawn up as per our conversation". That read as follows: TO AGREEMENT FOR SALE OF THE M/V EMERALD EYES EMERALD HERVIN EBANKS FROM MORRITT'S TORTUGA CLUB. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions:
$200,000 U.S. Cash.
MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions: 1. $200,000 U.S. Cash. 2. MORRITT'S TORTUGA CLUB agrees to sell the vessel M/V 20,000,000 USD EYES TO HERVIN EBANKS under the following conditions
```markdown 7 home and on vessel M/V EMERALD EYES until $220,000. U.S. obligation to MORRITT'S TORTUGA CLUB is retired." It is significant that the communication from Ebanks is described as an "offer to settle our business dealings under the contract dated October 16th 1989". No reference is made to any verbal amendment. Moreover, the tenor of the reply from Morritt dated 20th September 1990 and in particular the reference to "release" of the vessel, is consistent. The existence of a loan against which it is being held as security where is no reference in that reply to any amendment of the Main Deed. On the contrary, there is an express reference to business agreements under that agreement. On the 2nd October 1990, the following notice appeared in the Caymanian Intendant: The 65 FOOT CORINTHIAN YACHT Notice 1. The purchasers are given notice that: 2. The beneficial owner of the 65 foot Corinthian Yacht (registration number KR1650) ("the Vessel") is Colden Developments Company Ltd.
The Vessel is subject to a mortgage in favour of Colden Developments Properties (Cayman) Ltd ("the Mortgagee").
The Mortgagee's right to sell the vessel is disputed on the basis of the fact that it is in breach of an ```
Agreement Dated 16th October, 1989 4. Further or alternatively, there are claims against the Vessel for salvage. DATED 20th September, 1990 Hervin Ebanks, Director Coldev Developments Company Ltd. That is quite inconsistent with Ebanks' present assertion that Morritt had taken beneficial ownership of the boat. The reference (albeit inaccurately) is to Morritt as holder of a security, the rights under which are in dispute. I am satisfied that there was no purported oral modification of the written agreement. Even if there had been, it would have been ineffective. The view of the provisions of clause 7 of the Main Agreement of defendant held title to the boat as security for the loan made on behalf of the plaintiffs pending conclusion of a mortgage. That transaction was never concluded because of the ground in the boat in Cuba on its way to Grand Cayman. The real issue in this case is where the burden of the failure of the venture lies. The whole thrust of the first plaintiff's case is that it all falls on him and that he was not given a chance to get the venture going. But if I were to make the declarations sought in the originating summons I would be placing a burden on the shoulders of the secured lender. Security for a loan is taken for the very purpose of avoiding that. In consequence, I decline to make the declarations and orders and dismiss all issues as it relates to the first plaintiff, Ebanks.
The second plaintiff, Coldev, was not represented, and I had acceded to an application by the defendant at the beginning of the hearing that Coldev's application should be dismissed with costs and that paragraphs 2 and 3 of the summons, which related to the property owned by Coldev, should be struck out. The hearing consequently proceeded on the issues between Ebanks and Morritt in relation to paragraph 1 of the originating summons. Costs to defendant. G. E. Ha Chief Judge