Uzinterimpex JSC v Standard Bank Plc
No implied term is to be read into the guarantee to prevent double recovery; the Bank was not liable for knowing receipt as it did not have the requisite knowledge at the time of receipt; Uzinterimpex failed to mitigate its loss in conversion by refusing to agree to sale of goods; appeal dismissed.
- Parties
- Claimant/appellant: Uzinterimpex J. S. C.; Defendant/respondent: Standard Bank PLC
- Jurisdiction
- England and Wales
- Judgment Date
- 15 July 2008
- Procedural Posture
- Civil Appeal / Judgment on Appeal
- Outcome
- appeal dismissed
- Legal Topics
- Performance Bonds, Demand Guarantees, Conversion, Mitigation of Damages, Constructive Trusts, Knowing Receipt, Implied Terms, Double Recovery
Case Brief
Summary, issues, holding and outcome
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Parties
Uzinterimpex J. S. C.
Claimant/appellant
Standard Bank PLC
Defendant/respondent
Procedural Posture
Civil Appeal / Judgment on Appeal
Legal Issues
- 1 Whether a term should be implied into the guarantee to prevent double recovery by the Bank
- 2 Whether the Bank was liable for knowing receipt of trust property
- 3 Whether Uzinterimpex was entitled to recover proceeds of sale as its own property
Ratio Decidendi
No implied term is to be read into the guarantee to prevent double recovery; the Bank was not liable for knowing receipt as it did not have the requisite knowledge at the time of receipt; Uzinterimpex failed to mitigate its loss in conversion by refusing to agree to sale of goods; appeal dismissed.
Court Disposition
appeal dismissed
Orders
- No implied term to prevent double recovery is to be read into the guarantee.
- Bank not liable for knowing receipt of trust property.
Full Case Text
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