JUDGMENT

Suffian LP:

On 16 August 1966 the appellant (whom I shall refer to simply as the chargor) executed a charge in favour of the respondent bank (whom I shall refer to simply as the charges) over his land to secure the repayment of an overdraft.

The relevant words of the charge read:

I (chargor) proprietor of the land described below (hereinafter called the said land): for the purpose of securing the payment to the chargee..... with interest, the sums from time to time due to the said chargee by me .... up to the limit hereinafter stipulated:

Hereby charge the said land with the payment to the chargee . . . . of the said sums and interest thereon in accordance with the provisions annexed hereto. ....

Annexure

I (chargor) DO HEREBY EXPRESSLY AGREE ...

1 On demand to pay to the chargee and do hereby confirm that the said land is charged with and shall be security for the payment on demand of all sums heretofore or hereafter to be advanced to me by the chargee.... with interest thereon at the rate hereinafter stipulated.... up to the abovementioned limit of .... $6,000 only for principal (hereinafter called the said limit) and for interest at the rate of ... 9.6% per annum