Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

LIVELY LTD. AND ANOTHER v. CITY OF MUNICH (NO. 2)

[1977] 1 Lloyd's Rep. 420

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Kerr

Contract - Discharge - Bonds issued in 1928 by German city - Redemption to be in 1953 in £ sterling or U.S. dollars at fixed rate of exchange at bondholder's option - Default by city on outbreak of war - New agreement as to redemption made in 1955 - Option for bondholder to be paid in dollars removed - Redemption date to be 1973 - Amount to be determined by par values "in force" as agreed with International Monetary Fund - Both currencies "floating" by 1973 - At what rate bondholder should be repaid.

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