Seylan Bank PLC v. Premier Marketing Ltd – SC CHC 05/2009-2019

In the case between Seylan Bank PLC and Premier Marketing Ltd, the court addressed the issue of liability concerning the repayment of overdraft and loan facilities and the enforceability of increased interest rates as notified by the bank. It was determined that the Defendant was bound by the increase in interest rates, given the unchallenged evidence that notifications were duly provided through bank statements and direct communication. The holding reaffirmed the principle that continued operation of the account without objection constitutes acquiescence to the bank’s terms. This decision relied on established contractual principles and practices within banking law, emphasizing that explicit objection is necessary to negate acquiescence, thereby confirming the enforceability of revised in