20180322 TZCA Dar es Salaam

20180322 TZCA Dar es Salaam

A self-bank guarantee by the judgment debtor does not adequately secure the interests of the decree-holder; only a guarantee from a reputable third-party bank or syndicate of banks suffices. Adjournment was refused due to lack of diligence by the applicant.

Source-derived case information.

Citation
20180322 TZCA Dar es Salaam
Parties
Applicant: CRDB Bank Limited; Respondent: Issack B. Mwamasika; Respondent: Registered Trustees of Dar es Salaam International School Trust Fund; Respondent: EDBP & GD Construction Co. Ltd
Court
TZCA
Jurisdiction
Tanzania
Judgment Date
22 March 2018
Procedural Posture
Civil Application / Ruling on Stay of Execution Pending Appeal
Outcome
Application partly succeeds; stay of execution granted with conditions.
Legal Topics
Stay of Execution, Bank Guarantee, Security for Decree, Adjournment, Appeal Process
Source Language
english
Civil Procedure Banking Law Stay of Execution Bank Guarantee Security for Decree Adjournment Appeal Process

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Parties

CRDB Bank Limited

Applicant

Issack B. Mwamasika

Respondent

Registered Trustees of Dar es Salaam International School Trust Fund

Respondent

EDBP & GD Construction Co. Ltd

Respondent

Procedural Posture

Civil Application / Ruling on Stay of Execution Pending Appeal

Legal Issues

  1. 1 Whether the applicant is entitled to a stay of execution pending appeal
  2. 2 Whether a self-bank guarantee by the judgment debtor is adequate security for stay of execution
  3. 3 Whether adjournment should be granted to allow introduction of supplementary affidavit

Ratio Decidendi

A self-bank guarantee by the judgment debtor does not adequately secure the interests of the decree-holder; only a guarantee from a reputable third-party bank or syndicate of banks suffices. Adjournment was refused due to lack of diligence by the applicant.

Court Disposition

Application partly succeeds; stay of execution granted with conditions.

Orders

  • Execution of High Court decree stayed pending appeal determination.
  • Applicant must deposit a bank guarantee from a reputable bank or syndicate of reputable banks, other than the applicant, in a convertible sum equivalent to USD 42,997,298.00 within 21 days from the date of ruling.