20030715 TZHC Dr es Salaam

20030715 TZHC Dr es Salaam

The defendant signed the guarantee and indemnity memorandum, thereby undertaking liability as guarantor. Upon default by the principal debtor, the defendant is liable for the outstanding debt as per the terms of the agreement.

Citation
20030715 TZHC Dr es Salaam
Parties
Plaintiff: Azania Bancorp Ltd; Defendant: Fredrick Oldenburg
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
15 July 2003
Procedural Posture
Civil / Judgment After Ex Parte Hearing
Outcome
Suit decreed ex parte in favour of the plaintiff; defendant held liable as guarantor.
Legal Topics
Guarantee and Indemnity, Loan Recovery, Surety Liability
Source Language
English
Contract Law Banking Law Guarantee and Indemnity Loan Recovery Surety Liability

Case Brief

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Parties

Azania Bancorp Ltd

Plaintiff

Fredrick Oldenburg

Defendant

Procedural Posture

Civil / Judgment After Ex Parte Hearing

Legal Issues

  1. 1 Whether the defendant as guarantor is liable for the outstanding debt after default by the principal debtor

Ratio Decidendi

The defendant signed the guarantee and indemnity memorandum, thereby undertaking liability as guarantor. Upon default by the principal debtor, the defendant is liable for the outstanding debt as per the terms of the agreement.

Court Disposition

Suit decreed ex parte in favour of the plaintiff; defendant held liable as guarantor.

Orders

  • Defendant declared fully liable under the agreement as guarantor to the outstanding debt.
  • Defendant to pay Tsh 50,000,000.