Judicial principle — Kuwait Court of Cassation

Kuwait Court of Cassation principle number 690

State of Kuwait · Commercial and Labour — Volume 9 · Ministry of Justice — Court of Cassation — Technical Office

English translation of the principle

The current account which exchange companies are prohibited from operating is an ancillary contract facilitating performance of other contracts, all fused into a single receptacle to unify the two sides of payment and performance; it remains in existence for the period occupied by the operations agreed to be entered therein, and is sometimes credit and sometimes civil.
Arabic original
الحساب الجاري الذي يحظر على شركات الصرافة ممارسته هو عقد تابع لتسهيل تنفيذ عقود اخرى تصهر جميعاً في وعاء واحد لتوحيد طرفي الوفاء والتنفيذ ويظل قائماً للفترة التي تستغرقها العمليات المتفق على قيدها فيه ويكون دائناً احياناً ومدنياً أحياناً.
Original Arabic judgment citations

(الطعن ٢٧٧/١٩٨٨ تجاري جلسة ٥/٢/١٩٨٩ مج القسم الثاني - المجلد الثالث ص ٧٢)

Source: Court of Cassation legal principles collection — Commercial and Labour — Volume 9 — Ministry of Justice — Court of Cassation — Technical Office. Printed page 133. PDF pages: 133.

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