AmBank Group

Hicon subsequently executed an irrevocable power of attorney in favor of purchaser.

After the purchaser died, Hicon charged the same property to AmBank.

The purchaser estate challenged the charge, arguing that Hicon had already become a bare trustee.

Now, Hicon relied on Borneo Housing, arguing that full payment alone was insufficient to establish a bare trust.

In here, in Hicon, there was clear evidence that the vendor had intended to divest itself of its interest.

Hicon had consequently become a bare trustee and could no longer charge the property for its own benefit.

So the charge in favor of AmBank was held to be void.

Now, did Hicon overrule Borneo Housing? No, it didn't.