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Miliangos v George Frank Ltd
Ruling that English courts can compel payment in foreign currencies / From Wikipedia, the free encyclopedia
Miliangos v George Frank Ltd, [1976] AC 443 is a leading decision of the House of Lords enforcement of debts. The case created the Miliangos rule that allows creditors under a contract to obtain judgment under a foreign currency.[1] The Lords stated that the date of payment would be the date of conversion to the foreign currency.
Quick Facts Miliangos v George Frank (Textiles) Ltd, Court ...
Miliangos v George Frank (Textiles) Ltd | |
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Court | House of Lords |
Full case name | Miliangos v George Frank (Textiles) Ltd |
Decided | 5 November 1975 |
Citation | [1976] AC 443 |
Court membership | |
Judges sitting | Lord Wilberforce Lord Cross of Chelsea Lord Edmund-Davies Lord Simon Lord Fraser of Tullybelton |
Keywords | |
Contract, Currency, Debt, Pound Sterling |
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The case also includes a significant discussion of the doctrine of judicial precedent in English law, including the doctrines of ratio decidendi and per incuriam.[2] It represents a rare occasion in which their Lordships invoked the Practice Statement and overturned a previous precedent of the House of Lords, which had held that all debts were to be paid in sterling.