DCC 238/2011
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Financial Institutions, General Banking & Finance Law, Lending & Security
Copyright
LexisNexis
Decision date
3 Jan 2012
Catchwords
Bank – Letter of credit
This case involved a bank's obligations in relation to a documentary credit where they had made a payment which was contrary to the agreed rules of the credit and in relation to payments made before an order to prevent payment.
Background
A company presented the magistrate of summary justice in Dubai motion No 19 of 2009 to issue a provisional attachment for the account No 2004591 AILC worth 34.000.000 AED in payment of ae credit, so that the Defendant or the Bank could not dispose of the money until the case was closed. Provisionally, the Plaintiff demanded that the bank did not allow the withdrawal of invoices No 83024 dated 11/03/2009, 10083025 dated 18/03/2009 and 83026 dated 24/03/2009 and only allow withdrawal as per the invoices No 83021 and 83023 dated 27/02/2009 and 05/03/2009.