BANKING LAW – LOAN – Duty on a debtor to pay back loans

Uncategorised

“I should restate the law that a debtor, by whatever name called, who benefited from a loan or overdraft facility from a Commercial Bank that usually carries on business with deposits and other monies from the members of the public, owes and bears both the legal and moral obligation and duty, express and implied, to repay, as and when due. See Seldon v. Davidson (1968) NWLR, 1083, NBN v. Shoyoye (1977) 5 SC, 181, Afribank Ltd. v. Alade (2000) 13 NWLR (pt. 685) 591, Udofel Ltd v. Skye Bank Plc (2014) LPELR – 22742.” Per MOHAMMED LAWAL GARBA, JSC in ADALMA TANKERS BUNKERING SERVICES LTD & ANOR v. CBN & ORS (2022-LCER-46528-SC) (Pp 89 – 89 Paras A – C)

Add to LawKit (0)
Close