m m food processors ltd vs crdb bank ltd others 2018 tzhclandd 1 22 january 2018

m m food processors ltd vs crdb bank ltd others 2018 tzhclandd 1 22 january 2018

The plaintiff was served with a valid default notice, the auction was properly advertised and conducted, the property was sold at a price consistent with its valuation, and there was no evidence of collusion or wrongful confiscation of non-mortgaged property. The plaintiff failed to prove any of the claims on the balance of probabilities.

Citation
m m food processors ltd vs crdb bank ltd others 2018 tzhclandd 1 22 january 2018
Parties
Plaintiff: M & M Food Processors Limited; 1st Defendant: CRDB Bank Ltd; 2nd Defendant: Bani Investment Limited; 3rd Defendant: Said Nassoro
Court
TANZLII
Jurisdiction
Tanzania
Judgment Date
22 January 2018
Procedural Posture
Land Case / Judgment
Outcome
Suit dismissed with costs.
Legal Topics
Mortgage Enforcement, Auction Procedure, Notice Requirements, Valuation of Mortgaged Property, Confiscation of Non Mortgaged Property, Damages for Wrongful Sale
Source Language
English
Land Law Banking Law Mortgage Enforcement Auction Procedure Notice Requirements Valuation of Mortgaged Property Confiscation of Non Mortgaged Property Damages for Wrongful Sale

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Parties

M & M Food Processors Limited

Plaintiff

CRDB Bank Ltd

1st Defendant

Bani Investment Limited

2nd Defendant

Said Nassoro

3rd Defendant

Procedural Posture

Land Case / Judgment

Legal Issues

  1. 1 Whether the mortgagee served the mortgagor with notice before sale of the mortgaged property
  2. 2 Whether the mortgaged property was sold below market value
  3. 3 Whether the 3rd defendant properly purchased the plaintiff's mortgaged property

Ratio Decidendi

The plaintiff was served with a valid default notice, the auction was properly advertised and conducted, the property was sold at a price consistent with its valuation, and there was no evidence of collusion or wrongful confiscation of non-mortgaged property. The plaintiff failed to prove any of the claims on the balance of probabilities.

Court Disposition

Suit dismissed with costs.