Miliangos_v_George_Frank_Ltd
Miliangos v George Frank Ltd
Ruling that English courts can compel payment in foreign currencies
Miliangos v George Frank Ltd, [1976] AC 443 is a leading decision of the House of Lords enforcement of debts. The case created the Miliangos rule that allows creditors under a contract to obtain judgment under a foreign currency.[1] The Lords stated that the date of payment would be the date of conversion to the foreign currency.
The case also includes a significant discussion of the doctrine of judicial precedent in English law, including the doctrines of ratio decidendi and per incuriam.[2] It represents a rare occasion in which their Lordships invoked the Practice Statement and overturned a previous precedent of the House of Lords, which had held that all debts were to be paid in sterling.