GUARANTY TRUST BANK RWANDA Plc N’ABANDI v. COIMEX Ltd
Both Mabuye Joséph and Musekera Emmanuel, having signed as joint sureties for the COIMEX Ltd loan, are jointly and equally liable for the outstanding debt of 65,296,272 Frw to GT Bank Rwanda Plc, including interest calculated up to the legal maximum. The release of collateral or partial payment by one surety does not extinguish joint liability until the entire debt is repaid. Claims for reimbursement of alleged overpayments and damages by the sureties lack merit as the outstanding debt remains. GT Bank Rwanda Plc is entitled to attorney fees as the prevailing party.
Source excerpt
- Loan restructuring
- Bank loan interest calculation
- Joint surety liability
- Guarantee enforcement
- Distribution of liability among sureties