Bank of Uganda v Transroad Limited (Civil Application No. 7197)

Observed later treatment

No later-treatment classification is recorded for this judgment.

Citator coverage is limited to judgments in the Wakilii corpus and source-matched treatment records. Absence of a signal is not an assertion that the case remains good law.

Holding

By consent of the parties, the Court of Appeal entered a consent judgment staying execution of the decree pending appeal to the Supreme Court. The decretal amount of USD 5,533,555.80 plus costs was to be deposited into a joint account opened by counsel for both parties at Barclays Bank within 14 days. The funds would be paid to the respondent if the Supreme Court upheld the Court of Appeal's decision, or to the applicant if the appeal was allowed. Interest on the account was to belong to the applicant in any event, costs of the application were to abide the result of the Supreme Court appeal, and the bank guarantee issued by Bank of Baroda on 18 June 1996 was discharged.

Outcome

Stay of execution granted by consent; decretal sum to be held in a joint account pending the Supreme Court appeal, with the Bank of Baroda guarantee discharged

Facts

The matter arose out of Civil Appeal No. 48 of 1996. A guarantee had been issued by Bank of Baroda to the respondent, Transroad Limited, on 18 June 1996. The guarantee was originally intended to cover an appeal to the Supreme Court, that court then being the relevant appellate forum as the Court of Appeal was not yet in existence. After the appeal was transferred to and determined by the Court of Appeal, the respondent treated the guarantee as having matured, made a demand, and sought to execute against Bank of Baroda. The applicant, Bank of Uganda, brought this application. The parties, through their respective counsel, reached agreement on terms for a stay of execution pending a further appeal to the Supreme Court, the decretal amount being USD 5,533,555.80 plus costs.

Issues

1. Whether execution of the decree should be stayed pending appeal to the Supreme Court.

Orders

• Stay of execution granted on agreed terms.
• The decretal amount of USD 5,533,555.80 and costs to be deposited in a joint account at Barclays Bank, Kampala Road Branch, within 14 days, by counsel for both parties.
• If the Supreme Court upholds the decision of this Court, the amount to be paid automatically to the respondent or their counsel on presentation of the Supreme Court order.
• If the Supreme Court allows the appeal, the amount to be paid automatically to the applicant or their counsel on presentation of the Supreme Court order.
• Interest accruing on the account to be the applicant's in any event.
• Costs of this application to abide the result of the appeal in the Supreme Court.
• The Guarantee issued by Bank of Baroda to the respondent on 18 June 1996 is discharged.
• Consent judgment entered in the above terms.

The original judgment as reported. Read the original PDF before relying on any passage.