STOP SEEING INTRUSIVE ADS, & HAVE PREMIUM FEATURES? Stop seeing intrusive ads and have a smoother reading experience, once you sign up on Judicial Poetry. Sign up now!

HOW TO ARRIVE AT RATE OF INTEREST IN COMMERCIAL CASES

Reach more audience. Place advert here.

In TATE and LYLE FOOD AND DISTRIBUTION LTD. V. GREATER LONDON CONOI AND ANOTHER. 1981 3 All E.R. 716 Forbes J on how to arrive at the rate of interest in Commercial cases held that one must not look at the profit which the Defendant wrongfully made out of the money he withheld but at the cost to the plaintiff of being deprived of the money which he should have had. In my view interest in commercial cases of this nature is not awarded against the Defendant as a punitive measure for having kept the plaintiff out of his money but as an attempt to achieve restitution in intergrum.

Was this dictum helpful?

SHARE ON

interest

PARTY WITHHELD MONEY DUE, INTEREST WILL FLOW

It is also trite in law that when in a business transaction like the one under discourse a party is found to have withheld money due to the other party for sometime after being due, it is a natural consequence that flows from the default that interest be paid for the period of default until...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

SUPREME COURT JUDICIAL NOTICE ON INTEREST RATE

The matter is not made easy by their claiming that they agreed on the interest rate of 13% when there was no such clause in the deed of legal mortgage and when it is a well-known fact which this court takes judicial notice of that interest rates are dependent of the policy on the Central...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

ADMISSION AGAINST INTEREST

An admission against interest, in order to be valid in favour of the adverse party, must not only vindicate or reflect the material evidence before the court; it must also vindicate and reflect the legal position. Where an admission against interest does not vindicate or reflect the legal position, it will be regarded for all...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

NATURE OF PRE-JUDGEMENT INTEREST

The law on pre-judgment interest is that it is to be awarded where there is an agreement for payment of interest or under mercantile custom or under principle of equity, as in breach of fiduciary duty. In all such cases the law is that pre-judgment interest is as of right. The Appellant is no doubt...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

CHANGE IN THE RATE OF INTEREST MUST BE COMMUNICATED

Any change in the rate of interest should be brought to the attention of the customer by the banker as a condition for the banker to change the agreed rate of interest. [Okolo v. U.B.N.Ltd (1998) 2 NWLR (Pt. 539) 618 referred to] – L.A. Ayanlere v. Federal Mortgage Bank of Nig. Ltd. (1998) –...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

INTEREST WILL BE AWARDED WHERE PROVED EVEN IF NOT CLAIMED

In fact, where interest is not even claimed on the Writ, but the facts are pleaded as did the Appellant in its amended Statement of Claim and evidence was given which showed entitlement thereto, the Court may award interest as a general rule. See EKWUNIFE V. WAYNE (W/A) LTD (1989) 5 NWLR (PT.122) 428. —...

Membership Required

You must be a member to access this content.

View Membership Levels

Already a member? Log in here

No more related dictum to show.