Godson Export Commodities Limited and Others v Stanbic Bank (U) Limited (Miscellaneous Application No. 2362 of 2024)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The High Court granted unconditional leave to appear and defend in a summary suit for loan recovery. The court held that where applicants raise triable issues of fact regarding whether interest was chargeable on a Uganda Shilling loan facility and whether loan facilities were properly restructured and merged, these questions require investigation at trial and constitute reasonable grounds for a bona fide defence under Order 36 of the Civil Procedure Rules.
Outcome
Applicants granted unconditional leave to defend the underlying summary suit
Facts
The 1st Applicant obtained two loan facilities from the Respondent bank: a business working capital loan of UGX 500,000,000 and a commodity finance loan of USD 600,000, with different tenures and purposes. The facility letter provided for 13.75% interest per annum on the USD loan. On 7 April 2020 and 13 January 2021, the Respondent restructured and merged the facilities into one business term loan at 13.75% interest. The 2nd, 3rd and 4th Applicants acted as guarantors. The 1st Applicant defaulted and the Respondent instituted Civil Suit No. 1236 of 2024 by summary procedure seeking USD 296,630 plus interest. The Applicants contended that interest was wrongly charged on the Uganda Shilling facility, that the restructuring was done without guarantor consent, and that they were not served with calls on guarantees. The Applicants applied for leave to appear and defend.
Issues
- Whether the Applicants have disclosed sufficient grounds for the relief sought?
- What remedies are available to the parties?
Orders
- The Applicants are granted unconditional leave to appear and defend in Civil Suit No. 1236 of 2024.
- The Applicants shall file a written statement of defence within 10 days from the date of this order.
- The costs of this application shall be in the cause.
Rules and key headnotes
Legislation cited (4)
Cases cited (7)
- Souza Figuerido & Co Ltd v Moorings Hotel Co Ltd (1959) EA 425
- Maluku Interglobal Trade Agency Ltd v Bank of Uganda [1985] HCB 65
- Geoffrey Gatete and Another v William Kyobe (Civil Appeal No. 7 of 2005)
- Kotecha v Mohammed [2002] 1 EA 112
- Post Bank (U) Ltd v Ssozi (Civil Appeal No. 08 of 2015)
- Saw V Hakim 5 TLR 72
- Ray v Barker 4 Ex DI 279
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.