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Shanning International Ltd v Lloyds TSB Bank plc; Lloyds TSB Bank plc v Rasheed Bank and another: ComC 17 Dec 1999

The parties were linked together by a series of bonds, deposits, and guarantees and indemnities which had been designed to enable trade with a customer in Iraq. The Regulation operated to prevent any claim being made under the bond, and therefore the bank could not resist an action for the repayment of a deposit on the basis that it might be called upon under its own bond.

Judges:

Langley J

Citations:

Times 19-Jan-2000, [1999] EWHC 280 (Comm)

Links:

Bailii

Statutes:

Regulation (EEC) No 3541/92

Cited by:

Appeal fromShanning International Limited (In Liquidation) v Lloyds TSB Bank Plc (Formerly Lloyds Bank Plc) Part 20 and Rasheed Bank and Sbg Holdings Limited Part 20 CA 25-May-2000
. .
At first instanceShanning International Ltd (in liquidation) v Lloyds Bank plc Lloyds Bank plc v Rasheed Bank HL 2-Jul-2001
Under a series of cross guarantees, equipment was supplied to Iraq. Final payment was due on delivery of the final equipment. Before it could be delivered, the prohibitions came into effect against satisfying or making any claims in connection with . .
Lists of cited by and citing cases may be incomplete.

Banking, European

Updated: 20 May 2022; Ref: scu.89188

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