Kuwait Court of Cassation principle number 656

A commercial bank. It is an institution whose principal business, which it habitually conducts, is accepting deposits for investment in banking operations. Article 54 of Law 32 of 1968.(¿) - The Credit and Savings Bank is not a commercial bank, nor is it treated as one of the banking institutions contemplated by Law 32 of 1968 establishing the Central Bank. The reason for this. It was not originally established to accept deposits for investment, and these operations are not considered its ordinary principal operations, although it performs some of them. Its effect. It does not fall among the banks to which Decree 32 of 1992 concerning the treatment of the conditions of the banking and financial sector and Law 41 of 1993 concerning the State's purchase of certain debts and the manner of their collection apply. - Beneficiaries of real estate and commercial loans provided by the Credit and Savings Bank before 2/8/1990. Their exemption from paying the instalments due from them on these loans after that date. Article 1 of Decree-Law 20 of 1992 concerning exemption from Credit and Savings Bank loans. The Ministry of Finance taking their place in settling those loans. - The judgment's treatment of the Credit and Savings Bank as one of the banks subject to Law 41 of 1993 whose receivables were purchased by the State. An error in applying the law requiring its cassation. Example.