L. LUCAS LTD. v. EXPORT CREDITS GUARANTEE DEPARTMENT

[1974] 2 Lloyd's Rep. 69

HOUSE OF LORDS

Before Lord Reid, Lord Morris of Borth-y-Gest, Viscount Dilhorne, Lord Simon of Glaisdale and Lord Salmon

Guarantee - Goods sold by English sellers to Egyptian buyers - Price to be paid in U.S. dollars - Guarantee by Export Credits Guarantee Department to pay sellers 90 per cent. of loss if price not paid due to imposition of exchange control in United Arab Republic - Price not paid due to imposition of control - 90 per cent. of loss paid to sellers in pounds sterling - Exchange controls lifted - Full price paid by buyers to sellers in U.S. dollars - Department repaid by sellers sum paid to them - Sum received by sellers more valuable because of devaluation of pound sterling - Whether sellers could keep additional sum or had to pay 90 per cent. of it to Department.