MUR Joint Ventures BV v Compagnie Monegasque De Banque [2016] EWHC 3107 (Comm) (02 December 2016)

MUR Joint Ventures BV v Compagnie Monegasque De Banque [2016] EWHC 3107 (Comm) (02 December 2016)

The demands under the Guarantee were compliant; notarisation and apostillisation of the demand letter, registry extract, and passport sufficed. No legal opinion as to authority was required. The requirement for registered mail was directory, not mandatory, as the demand was effectively received. The Guarantee did not require multiple signatories; the demands were properly authorised by MUR.

Citation
[2016] EWHC 3107 (Comm)
Parties
Claimant: MUR Joint Ventures BV; Defendant: Compagnie Monegasque de Banque
Jurisdiction
England and Wales
Judgment Date
02 December 2016
Procedural Posture
Commercial Claim / Final Judgment
Outcome
Judgment for the Claimant
Legal Topics
Demand Guarantees, Strict Compliance Doctrine, Authority of Company Representatives
Contract Law Banking Law Demand Guarantees Strict Compliance Doctrine Authority of Company Representatives

Case Brief

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Parties

MUR Joint Ventures BV

Claimant

Compagnie Monegasque de Banque

Defendant

Procedural Posture

Commercial Claim / Final Judgment

Legal Issues

  1. 1 Whether the demands under the Guarantee complied with its requirements
  2. 2 Whether authentication of the signatory's authority was required
  3. 3 Whether the demand had to be sent by registered mail

Ratio Decidendi

The demands under the Guarantee were compliant; notarisation and apostillisation of the demand letter, registry extract, and passport sufficed. No legal opinion as to authority was required. The requirement for registered mail was directory, not mandatory, as the demand was effectively received. The Guarantee did not require multiple signatories; the demands were properly authorised by MUR.

Court Disposition

Judgment for the Claimant

Orders

  • Bank to pay US$500,000 plus interest to MUR Joint Ventures BV