leonard william ta others vs national bank of commerce limited nbc others 2019 tzhccomd 179 19 march 2019

leonard william ta others vs national bank of commerce limited nbc others 2019 tzhccomd 179 19 march 2019

Credit facilities were granted and secured by legal mortgages executed by plaintiffs as third parties; borrower defaulted; sale by private contract was lawful but statutory notice to mortgagors was not given; however, 3rd defendant is protected as bonafide purchaser; plaintiffs failed to prove collusion or entitlement to substantive reliefs.

Citation
leonard william ta others vs national bank of commerce limited nbc others 2019 tzhccomd 179 19 march 2019
Parties
1st Plaintiff: Leonard William t/a Miembesaba Oil Company Limited; 2nd Plaintiff: Elimo William Mbowe; 1st Defendant: National Bank of Commerce Limited; 2nd Defendant: Sadock Dotto Magai; 3rd Defendant: ATN Petroleum Company Limited; 4th Defendant: Comrade Auction Mart Company Limited
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
19 March 2019
Procedural Posture
Commercial Case / Final Judgment
Outcome
Plaintiffs' suit and counter-claim dismissed; no order as to costs.
Legal Topics
Mortgage Enforcement, Third Party Mortgages, Sale of Mortgaged Property, Statutory Notices, Bonafide Purchaser Protection
Source Language
English
Banking Law Property Law Contract Law Mortgage Enforcement Third Party Mortgages Sale of Mortgaged Property Statutory Notices Bonafide Purchaser Protection

Case Brief

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Parties

Leonard William t/a Miembesaba Oil Company Limited

1st Plaintiff

Elimo William Mbowe

2nd Plaintiff

National Bank of Commerce Limited

1st Defendant

Sadock Dotto Magai

2nd Defendant

ATN Petroleum Company Limited

3rd Defendant

Comrade Auction Mart Company Limited

4th Defendant

Procedural Posture

Commercial Case / Final Judgment

Legal Issues

  1. 1 Whether credit facilities were granted to Miembesaba Oil Company Limited by the 1st defendant
  2. 2 What was the exact outstanding loan amount payable
  3. 3 Whether credit facilities were secured by legal mortgages over specified properties

Ratio Decidendi

Credit facilities were granted and secured by legal mortgages executed by plaintiffs as third parties; borrower defaulted; sale by private contract was lawful but statutory notice to mortgagors was not given; however, 3rd defendant is protected as bonafide purchaser; plaintiffs failed to prove collusion or entitlement to substantive reliefs.

Court Disposition

Plaintiffs' suit and counter-claim dismissed; no order as to costs.