BANKING AND FINANCE LAW CASES/JUDGMENTS-3

KNIGHT AND SEARLE V. DOVE AND OTHERS

BANKING AND FINANCE LAW:- Banking practices – Interest rate – Dynamism of’- What determines – Whether static

L. A. AYANLERE V. FEDERAL  MORTGAGE BANK OF NIG. LTD. AND ANOTHER

BANKING AND FINANCE LAW – BANKING PRACTICES:- Provision of bond pending determination of an application for stay of execution of a monetary judgment award made against a party – Extent of liability under the bond – Whether limited to the limit of the amount guaranteed by the bank and the interest due thereon

LAYIWOLA ILESANMI V. WEMA BANK LTD

BANKING AND FINANCE LAW:- Banking practices – Irrevocable electronic payment – Payment made by bank on customer’s behalf in the mistaken belief that customer’s check had cleared – Action to recover payment from receiver – How treated

LLOYDS BANK PLC V. RONALD GEORGE DOIDGE AND ANOTHER

BANKING AND FINANCE:- Banker-customer relations – Undue influence – Essentials of – Unfair advantage – Whether amounts to

BANKING AND FINANCE:- Banker-customer relations – Undue influence – Actual or presumed – How proved

BANKING AND FINANCE:- Banker-customer relations – Undue influence – Failure of bank to provide necessary advice or explanation – When will not amount to misrepresentation or undue influence

BANKING AND FINANCE:- Banker-customer relations – Liability to an order for possession under the terms of the mortgage – What customer must prove to avoid same

BANKING AND FINANCE – IMPLIED RELEASE:- Liability arising from default in payment of bank overdraft – Defence of implied release as distinguished from express release – When will not avail

M.O. OKOYE AND SONS V. STANDARD BANK OF WEST AFRICA

BANKING AND FINANCE LAW: Banking practices – Grant of overdraft to enable the raising of letters of credit by bank for benefit of customer’s transaction – Failure to repay overdraft due to unfortunate loss of commodities – Agreement to waive interest on overdraft – Whether admission of liability or good faith act in the ordinary course of business – Where interest charged on loan is above the rates approved by the Central Bank – Whether renders loan illegal – how treated

M.S. AWOLESI V. NATIONAL BANK OF NIGERIA LIMITED

BANKING AND FINANCE:- Banker-customer relations – Proposal for repayment of multiple outstanding indebtedness through financial instruments – Acceptance of by bank – Effect

MANSOURI V. SINGH

BANKING AND FINANCE: INTERNATIONAL; Other International Currency control – Exchange control – Foreign exchange control – Bretton Woods Agreements – Exchange contract – Enforceability – Exchange contracts involving currency of member of International Monetary Fund and contrary to exchange control regulations of that member – Contract for sale of airline tickets – Iranian resident buying tickets in Iran and selling them to defendant in England for sterling at double usual exchange rate – Payment of sterling cheque as part of transaction – Cheque stopped by defendant – Whether court ought to uphold payment of cheque – Whether cheque part of unenforceable exchange contract – Bretton Woods Agreements Order in Council 1946, Sch, Pt I, art VIII, s 2(b)

MASTER HOLDING (NIG) LIMITED & ANOR V. EMEKA OKEFIENA

BANKING AND FINANCE LAW:- NDIC Cases – Distressed bank – Suit by depositor to recover deposit – Execution of

MERCHANTS BANK LTD. V. FED. MIN. OF FINANCE

BANKING AND FINANCE LAW- BILLS OF EXCHANGE:- Endorsement of bill – Effect thereof – Liability of an endorser – Presentment of bill – Whether presentment is always necessary – Dishonour of bill – Circumstances in which notice of dishonour of bill is necessary

MOMM AND OTHERS V. BARCLAYS BANK INTERNATIONAL LTD.

MOTOR TRADERS GUARANTEE CORPORATION LTD. V. MIDLAND BANK LIMITED

BANKING AND FINANCE LAW – STATUTES – Section 1(1)(b) of the Dishonoured Cheques (Offences) Act Cap.102 L.F.N. 1990– Purport of – Legal implications of a dishonoured cheque

MR. EMMANUEL AGBANELO  V. UNION BANK OF NIGERIA LTD.

BANKING AND FINANCE LAW:- Check – Value on check – Whether photocopy of check is admissible as proof of its existence and non-satisfaction – Claim that check issued had been redeemed by way of equivalent cash payment – How proved – Relevant considerations

BANKING AND FINANCE LAW:- Check – As a bill of exchange – Presumption in favour of a holder of a check for value – Whether cannot avail a person holding only photocopy versions of the original check – Section 30 of the Bills of Exchange Act – What needs to be proved to impeach the operation of the presumption in favour of a person holding but a photocopy of a check

MR. SUNDAY ADEGBITE TAIWO V. SERAH ADEGBORO & ORS.

BANKING AND FINANCE: Banking practices –

NAFAMA THIMNU V. UNION BANK OF NIGERIA PLC & ORS

BANKING AND FINANCE- Promissory note – Legal implications

NARINDEX TRUST V. NIDB

NASR V. B. BEIRUT-RIYAD NIG. BANK LTD.

BANKING AND FINANCE – Cheques – Bills of Exchange –  Determination of Interest rate – Matters arising therefrom – How treated

NATIONAL BANK OF NIG. LTD V. OBA M.S. AWOLESI

BANKING AND FINANCE LAW:- Banking practices – Contract of Guarantee relating to a banking account – Overdraft facility guaranteed in consideration of bank “continuing the existing account” – Due payment guaranteed of “all advances, overdrafts, liabilities, … whether made, incurred or discounted before or after the date hereof” to named person – Second account opened with same bank and operated without guarantor’s knowledge – Substantial payments into second account – Manner of operation of accounts increasing burden on guarantee – Overdraft on original account remaining unreduced –Whether opening of second account substantial variation of terms of guarantee – Whether guarantor discharged

NATIONAL BANK OF NIGERIA LTD. V. SAVOL WEST AFRICA LTD.

BANKING AND FINANCE LAW:- Customer’s right to countermand payment – Whether exercisable when use of cheque not involved in transaction

BILLS OF EXCHANGE:- Exchange Control Act, 1962 -Allegation of contravention of’- How proved

BILLS OF EXCHANGE:- Goods exported to Nigeria from England – Payment for goods by a Bill of Exchange – Whether illegal

NDOMA-EGBA V. AFRICAN CONTINENTAL BANK PLC.

BANKING AND FINANCE LAW:- Cheque – Forged cheque – Effect of

BANKING AND FINANCE LAW:- Cheque – Forged cheque – Payment of money by bank thereon – Liability of bank therefor – Nature of – When bank liable – When not – Relevant considerations

BANKING AND FINANCE LAW:- Joint account – Instruction in mandate form by signatories to account – Duty on bank to comply therewith – Nature of

BANKING AND FINANCE LAW:- Banking practices – Dealings in check – Trustee of an estate – Duty of bank to make inquiries – Standard – Whether objective or subjective – Relevant considerations

NEW NIGERIA BANK LTD V. ODIASE

BANKING AND FINANCE LAW:- Banking in its ordinary sense – Meaning of

BANKING AND FINANCE LAW:- Customer of a bank – Meaning of

NIGERIA DEPOSIT INSURANCE CORPORATION V. UNION BANK OF NIGERIA PLC. & ANOR.

BANKING AND FINANCE LAW:- Banking practices – Grant of loan by way of overdraft secured by legal mortgage over property – Recovery of loan where debtor goes into liquidation – Where debtor’s provisional liquidators is the Nigerian Deposit Insurance Company – How treated – Relevant considerations

BANKING AND FINANCE LAW– DISTRESSED BANK/FINANCIAL INSITUTION:- Liquidation process – Revocation of the licence of the financial institution by the Central Bank of Nigeria pursuant to its powers under the Banks and other Financial Institution Act [BOFIA], and Section 40(1) of the NDIC Act, 2006 – Effect – Whether removes legal powers to sue and be sued

BANKING AND FINANCE LAW– NDIC:- Where licence of a bank deemed distressed is withdrawn – Whether the NDIC is statutorily deemed to have been automatically appointed by the Federal High Court as the “provisional liquidator” thereto  – Conditions the NDIC must satisfy under Section 40(2) of the NDIC Act to remove the provisional nature of NDIC’s status as liquidator

NIGERIA MERCHANT BANK PLC V. AIYEDUN INV. LTD.

BANKING AND FINANCE LAW:- Banking practices – Action for recovery of interest on deposit account – Interest – Meaning and essence of  – How money became due to a person  (under a contract, express or implied, or a statute, or whether the money was due for any other reason in law) – Whether material

BANKING AND FINANCE LAW:- The operation of a deposit account  – Legal implication – Where pleadings do not go further to expressly plead an agreements as to interest will not matter

BANKING AND FINANCE LAW:- Liability to pay interest on an account – Whether cannot be claimed as special damages – Where liability to pay interest is founded on contract – Whether interest accruing on the deposit account should strictly be claimed not as damages but as money due on the contract

NIMB V. UNION BANK OF NIGERIA PLC.

BANKING AND FINANCE LAW:- Banking practices – Recovery of loan furnished by way of overdraft – Appointment of receiver-manager – When interfered with – Proper order

NISHIZAWA LIMITED V. STRICHAND N. JETHWANI

BILLS OF EXCHANGE:– Endorsements of ‘refer to drawer’ and drawer’s confirmation required’ – Presumption arising thereof

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