- Cited — First City Monument Bank Plc v Zumax Nigeria Ltd 2019-03-01
“… chose in action is extinguished or reduced pro tanto, and a chose in action is brought into existence representing a debt in an equivalent sum (see R v Preddy [1996] AC 815, at 834).…”
- Explained — First City Monument Bank Plc v Zumax Nigeria Ltd 2019-03-01
“… the customer to make a payment to another account, and makes the payment telegraphically or electronically, then as the House of Lords explained in R v Preddy [1996] AC 815, the chose in action consisting of the credit balance in the customer’s account is extinguished or reduced to the extent of the requested payment. A new chose …”
- Cited — JSC BTA Bank v Ablyazov & Anor 2018-05-22
“…s discharged or reduced by the relevant amount and a new debt in an equivalent amount is created, owed by the payee’s bank to its customer: see e.g. R v Preddy [1996] AC 815, 834. The new debt is a different chose in action from the original debt and is therefore not property which was transferred to the payee from the payor.…”
- Explained — JSC BTA Bank v Ablyazov & Anor 2018-05-22
“… any case clear that, for reasons pointed out by counsel for the bank, there is no transfer of property in either case. As explained by Lord Goff in R v Preddy [1996] AC 815 at 835-6, when a cheque is in the possession of the drawer, it is simply a piece of paper and there is no chose in action represented by the cheque. When the c…”