Prime I.K Uganda Limited v Eco Bank Uganda Limited (Miscellaneous Application No. 852 of 2016)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Held that the applicant raised plausible defences warranting unconditional leave to defend. Failure by the respondent bank to disclose the sale proceeds of the mortgaged property and evidence of statutory compliance with Mortgage Act 2009 s.19 and Mortgage Regulations 2012 raised triable issues of law and fact meriting adjudication. One triable issue is sufficient to grant leave to defend a summary suit.
Outcome
Applicant granted leave to defend main suit; matter proceeds to trial on merits
Facts
The applicant obtained a credit facility of UGX 100,000,000 from the respondent bank on 31 December 2013 at 24.5% interest per annum, secured by a mortgage over land in Kyadondo Block 189 Plot 237, Wakiso District. The applicant defaulted, and the respondent sold the mortgaged property. The respondent then filed a summary suit claiming UGX 288,217,840 as outstanding balance. The applicant applied for leave to defend, alleging that the respondent did not comply with statutory procedures for foreclosure, failed to serve a notice of default under Mortgage Act s.19, undervalued the property, and did not disclose sale proceeds. The respondent argued the applicant admitted the loan and had no defence. The property was valued at UGX 300,000,000 but the respondent did not disclose the actual sale price.
Issues
- Whether the applicant should be granted unconditional leave to appear and defend a summary suit
- Whether the applicant demonstrated a plausible defence on the merits or raised triable issues of fact or law
- Whether the respondent bank complied with the statutory procedures under the Mortgage Act 2009 and Mortgage Regulations 2012 when selling the mortgaged property
Orders
- Applicant granted unconditional leave to defend Civil Suit No. 577 of 2016.
- Respondent to file reply giving details of the sale of the suit property and compliance with statutory procedures.
- Applicant to file written statement of defence within 14 days.
- Costs of the application to abide the outcome of the main suit.
Rules and key headnotes
Legislation cited (6)
Cases cited (8)
- Marsenne (Uganda) Limited and 2 others versus Stanbic Bank (U) Limited
- Kasajja Robert v Nasser Iga and another (Miscellaneous Cause No. 004 of 2014)
- Kakooza Abdallah v Stanbic Bank (U) Limited (Miscellaneous Application No. 614 of 2012)
- Zebra Telecom Limited & 2 others vs. Stanbic Bank (U) Limited
- Begumisa George v East African Development Bank (Miscellaneous Application No. 451 of 2010)
- Zola & Another v Ralli Brothers Ltd & Another [1969] EA 691
- Hasmani v Banque du Congo Belge (1938) 5 EACA 89
- Maluku Interglobal Trade Agency Ltd v Bank of Uganda (1985) HCB 65
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.