CRF 1 Limited v Banco Nacional de Cuba & Anor

CRF 1 Limited v Banco Nacional de Cuba & Anor

Consent to assignment of the Debts was validly given by Ms Martí under delegated authority from the President of BNC, and the Signature Rules did not impose a two-signature requirement for prior consent. Notice of assignment was validly delivered to BNC's designated address, satisfying contractual requirements.

Parties
Claimant/respondent: CRF 1 Limited; Defendant/appellant: Banco Nacional de Cuba; Defendant: The Republic of Cuba
Jurisdiction
England and Wales
Judgment Date
19 November 2024
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Appeal dismissed; Judge's decision upheld.
Legal Topics
Assignment of Debt, Sovereign Immunity, Jurisdiction, Authority of Bank Officials, Notice Requirements
Commercial Law Banking Law International Law Assignment of Debt Sovereign Immunity Jurisdiction Authority of Bank Officials Notice Requirements

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Parties

CRF 1 Limited

Claimant/respondent

Banco Nacional de Cuba

Defendant/appellant

The Republic of Cuba

Defendant

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether the Debts were validly and effectively assigned to CRF in 2019
  2. 2 Whether BNC's consent to assignment was valid under Cuban law
  3. 3 Whether notice of assignment was validly given to BNC

Ratio Decidendi

Consent to assignment of the Debts was validly given by Ms Martí under delegated authority from the President of BNC, and the Signature Rules did not impose a two-signature requirement for prior consent. Notice of assignment was validly delivered to BNC's designated address, satisfying contractual requirements.

Court Disposition

Appeal dismissed; Judge's decision upheld.

Orders

  • Debts validly assigned to CRF 1 Limited
  • Jurisdiction of English Courts confirmed