Absa Bank Uganda Ltd v Mubuuke Jude (Civil Suit No. 371 of 2020)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Court held defendant breached loan agreement by failing to make monthly instalments after February 2019. The insurance coverage taken by the bank under clause 10 covered only 10 monthly instalments totalling UGX 27,157,640, not the full loan amount. Defendant remained liable for outstanding balance of UGX 94,619,370 plus interest at 12% per annum and general damages of UGX 5,000,000.
Outcome
Judgment entered for plaintiff with order for defendant to pay outstanding loan balance, interest, general damages, and costs within 6 months
Facts
Plaintiff bank loaned defendant UGX 110,950,000 on 19 May 2017, repayable over 72 months in monthly instalments of UGX 2,715,746. Defendant made payments until 28 February 2019 but defaulted thereafter. Defendant's employment was terminated on 19 October 2018 due to retrenchment. The loan was insured by UAP Insurance which paid 10 monthly instalments totalling UGX 27,157,640 between December 2018 and October 2019. Plaintiff sought recovery of outstanding balance of UGX 94,619,370 as at 2 June 2020. Defendant argued the entire loan was insured against retrenchment based on representations by bank officer. The loan agreement clause 10 gave the bank discretion to take out insurance and stated the amount would be deducted from the loan. Business operations of Barclays Bank (U) Ltd were taken over by plaintiff Absa Bank Uganda Limited.
Issues
- Whether there was breach of the Loan Agreement by the Defendant.
- Whether the Plaintiff is entitled to recover the sums claimed in the Plaint from the Defendant.
- What are the remedies available to the parties?
Orders
- Declared that the Defendant breached his contract with the Plaintiff and defaulted in repayment of loan obligation amounting to UGX 94,619,370.
- Defendant ordered to pay outstanding amount of UGX 94,619,370 within 6 months from date of judgment.
- Defendant to pay interest on outstanding loan amount at rate of 12% per annum from 2 June 2020 until payment in full.
- Plaintiff awarded general damages of UGX 5,000,000.
- Costs awarded to the Plaintiff.
Rules and key headnotes
Legislation cited (6)
Cases cited (3)
- Jarvis v Moy Davies Smith, Vanderrel & Co [1936] 1 KB 399
- Gagawala Nursery Bed v Busginye Properties Ltd (HCT-00-CC-96-2011)
- Fenekasi Semakula v E SMS Mulondo [1985] HCB 29
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.