DCC 172/2010/2
Key Legal Questions in the Judgment:
1 Traveller's cheque definition.
2 The primary source in determining the legal system of a traveler's cheque is the contract between the parties.
3 The prescription of the buyer's claim against the bank that issued the lost traveller's cheque is subject to Article 473 of Federal Law No. 11/1992.
Background Facts:
On 11/3/1998, an Appellant purchased a series of travelers' cheques issued by the Respondent valued at 80000USD. These cheques were signed by the Appellant in the presence of the cashier of the bank.
On 12/3/1998, the Appellant travelled to Niger and carried the cheques with her. Shortly after, the Appellant discovered the travellers' cheques were lost, and the loss was immediately reported to the Respondent.