DCC 42/2004
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai
Taxonomy
Civil Courts, Litigation Procedure & Practice, Financial Institutions, Lending & Security
Copyright
LexisNexis
Decision date
21 Nov 2004
Catchwords
Borrower – Repay – Loan amount and interest – Current account – Individuals – Commercial transaction – Loan interest – Late payment interest – Contested judgment – Lender – Error in the application of law – Cassation
The borrower shall commit to repay the loan amount and interest to the bank on time and under the conditions agreed upon without the need to resort to the rules of closing the current account. Bank loans to individuals shall be deemed a commercial transaction. The method of calculating the loan interest and the late payment interest. The contested judgment ruling that the relationship between the two parties is a relationship between the lender and borrower and the borrower has repaid more than the loan amount, without taking into consideration the bank's plea concerning interest calculations of the loan, is deemed an error in the application of law necessitating cassation.
Pursuant to the perusal of the documents, and the reading of the summary report, and after deliberation.
Whereas the cassation has fulfilled all formal conditions.