Jackson BBale v M.S capital Finance corporation Ltd. ( Civil Suit No. 1228 OF 1998 ) (Civil Suit No. 1228 of 1998)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
The court held that the plaintiff received the loan proceeds through Sophilia Pharmacy's account as per his written instructions to the defendant bank. The plaintiff's acknowledgment of receipt, expert handwriting evidence confirming his signatures, and his subsequent letter proposing repayment established that he was indebted to the defendant. The suit was dismissed as a fraudulent attempt to avoid liability under a validly executed mortgage. The defendant retained its right to realise the security under the Mortgage Decree without court order.
Outcome
Suit dismissed — defendant entitled to retain security and exercise rights under Mortgage Decree section 9
Facts
On 24 April 1995, the plaintiff sought a UGX 20 million loan from the defendant bank and executed a mortgage over his land at Block 244 Plot 5203 as security. The plaintiff did not have a bank account with the defendant. He entered into an arrangement with Haji Eriyasi Masimbi, proprietor of Sophilia Pharmacy, to use Masimbi's account for loan disbursement. They executed a memorandum of guarantee securing the plaintiff's position. The plaintiff signed an acknowledgment note instructing the defendant to disburse the loan to Sophilia Pharmacy's account and acknowledging receipt of proceeds on behalf of Sophilia Pharmacy. The defendant credited UGX 20 million to Sophilia Pharmacy's account, which was withdrawn. Default occurred. In September 1997, the plaintiff wrote proposing a repayment plan. In November 1998, facing foreclosure, the plaintiff filed suit claiming he never received the money and seeking return of his title and cancellation of the mortgage encumbrance.
Issues
- Whether the Defendant breached the Mortgage Agreement entered with the Plaintiff
- Whether the Plaintiff received the loan under the Mortgage Agreement
- Whether the Plaintiff lent his land title to Block 244 Plot 5203 to Haji Eriyasi Masimbi
- Whether the Defendant is entitled to foreclose
- Whether the Plaintiff is entitled to the relief sought
Orders
- Suit dismissed with costs to the defendant.
- Plaintiff not entitled to return of certificate of title.
- Plaintiff not entitled to cancellation of encumbrance in favour of the defendant.
Rules and key headnotes
Legislation cited (1)
- Mortgage Decree s.9
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.