ECOBANK v. INDIA NOVEMBER

ECOBANK is liable to refund INDIA NOVEMBER for the stolen travellers' cheques because the purchaser made timely opposition and ECOBANK failed to prove transfer of funds to the issuer. Moratory interest is due from 48 hours after opposition until judgment delivery. Civil damages are not granted in addition to moratory interest.

Citation: RLR V.1 - 2015
Parties: Appellant: ECOBANK SA; Respondent/cross Appellant: INDIA NOVEMBER
Court: Supreme Court
Jurisdiction: Rwanda
Judgment Date: 10 June 2010
Case Number: RCOMA 0005/10/CS
Procedural Posture: Commercial Appeal / Supreme Court Judgment on Appeal and Cross Appeal
Outcome: Appeal of ECOBANK allowed in part; cross-appeal of INDIA NOVEMBER allowed; judgment of Commercial High Court partially modified.
Legal Topics: Negotiable Instruments, Travellers' Cheques, Bank Liability, Moratory Damages
Source Language: en

Commercial Law Banking Law Negotiable Instruments Travellers' Cheques Bank Liability Moratory Damages

Case Brief

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Full judgment text Legal principles 2 Party arguments 2 Amounts and remedies 5

Parties

ECOBANK SA

Appellant

INDIA NOVEMBER

Respondent/cross Appellant

Procedural Posture

Commercial Appeal / Supreme Court Judgment on Appeal and Cross Appeal

Legal Issues

1 Which bank (agent or issuer) is liable to refund the purchaser in case of stolen travellers' cheques?
2 Computation and entitlement to moratory damages and procedural fees.

Ratio Decidendi

Court Disposition

Appeal of ECOBANK allowed in part; cross-appeal of INDIA NOVEMBER allowed; judgment of Commercial High Court partially modified.

Orders

ECOBANK to refund INDIA NOVEMBER 8,000 USD for travellers' cheques.
ECOBANK to pay 11,165 USD moratory interest.