Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



NASARALAI ENTERPRISES LTD.
V.
ARAB BANK NIGERIA LTD.

(1986) JELR 44574 (SC)    
Supreme Court  ·  SC.138/1985 ·  10 Jul 1986 ·  Nigeria
 · 
Other Citations
Nasaralai v. Arab Bank (1986) NWLR (Pt. 36) 409
CORAM
MOHAMMED BELLO Justice of The Supreme Court of Nigeria KAYODE ESO Justice of The Supreme Court of Nigeria MUHAMMADU LAWAL UWAIS Justice of The Supreme Court of Nigeria DAHUNSI OLUGBEMI COKER Justice of The Supreme Court of Nigeria ADOLPHUS GODWIN KARIBI-WHYTE Justice of The Supreme Court of Nigeria SAIDU KAWU Justice of The Supreme Court of Nigeria CHUKWUDIFU AKUNNE OPUTA Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
respondent
letter of credit
bank of tokyo
bill of lading
court of appeal
issuing bank
hatch report
15th november
conditions of the letter of credit
learned trial judge
loading report
trial judge
breach of contract
exhibit o
high court of lagos state
terms of the letter of credit
decree no.
learned president
lord diplock
merchant shipping
behalf of the appellant
decision of the trial court
exhibit p
misconception of the law
nigerian ship
agents bank of tokyo
arab bank
bags of rice
ceekay case
conditions of the said letter of credit
date of the first registration of such ship
documentary evidence
evidence shows
expiry date
findings of the trial court
following passage
general law
grounds of appeal
irrevocable letter of credit
leading judgment
managing director of appellant
plaintiffs claim
practice of other commercial banks
present case
provisions of section
respondent of the payment
said price
seller documents
use of a letter of credit

BELLO, JSC (Presiding and Delivering the Leading Judgment): The dispute between the parties in this appeal had its root embedded in the use of a letter of credit issued to facilitate international trade for the purchase of 100,000 bags of rice at the price of (US)$2,200,000 by a buyer in Nigeria from a seller in Thailand. On the application of Nasaralai Enterprises Ltd. which was the buyer and is hereinafter referred to as the Appellant, the Arab Bank (hereinafter referred to as the Respondent) issued on 15th September 1978 an irrevocable letter of credit to Bank of Tokyo in Thailand wherein the Respondent instructed the Bank of Tokyo to pay the said price to World Grain Company Ltd., which was the seller, on receiving from the seller documents drawn in conformity with the terms and conditions of the letter of credit. One of the terms of the letter of credit was the rice should be put on board a vessel on or before 15th October 1978 but the date was later extended by the parties to 15…

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