Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

L. LUCAS LTD. AND LAMET TRADING LTD. v. EXPORT CREDITS GUARANTEE DEPARTMENT

[1973] 1 Lloyd's Rep. 549

COURT OF APPEAL

Before Lord Justice Davies, Lord Justice Megaw and Sir Gordon Willmer

Guarantee - Exporter issued with guarantee against risk of non-payment by buyer - Non-payment by buyer due to exchange control restrictions - Exporter reimbursed by guarantor for 90 per cent. of loss - Restrictions subsequently lifted - Payment in full by buyer - Sum increased due to devaluation of pound sterling - Whether exporter entitled to whole of excess amount - Whether principle of subrogation applicable.

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