Obaseki, Ag. JSC (Delivering the Leading Judgment): The main question raised in this appeal against the judgment for 17,531(pounds).11s. debt entered in favour of the plaintiff/respondent by Adefarasin J., (as he then was) is whether the institution of these proceedings was premature when the writ of summons was taken out on the 6th day of July, 1972 by the plaintiff claiming as overdraft the sum of 17,531.11s. (Seventeen Thousand Five Hundred and Thirty-One Pounds, Eleven Shillings and no Pence) and interest at the rate of 9% from date of writ until judgment on payment is made."
This amount claimed represented the overdraft with interest granted by the respondent as bankers to the appellant as customer. The appellant admitted taking the overdraft but contended that the right to sue had not accrued as he had up to the end of the financial year (which before the issue of Exhibit 5 by the respondent was 31st December but since the issue of Exhibit 5, 30th September, 1972) to pay. The co…