19981231 TZHC Dar es Salaam

19981231 TZHC Dar es Salaam

The National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act, No. 23 of 1997, overrides the Road Traffic Act regarding vesting of assets. The objector did not inherit the decree liability as the guarantee was not part of the banking business transferred. The affidavit irregularity was cured by a supplementary affidavit and is not fatal to the objection.

Citation
19981231 TZHC Dar es Salaam
Parties
Plaintiff: M/S Geomin; Objector/applicant: National Bank of Commerce (1997) Ltd.; Defendant/judgment Debtor: National Bank of Commerce
Court
TZHC
Jurisdiction
Tanzania
Judgment Date
31 December 1998
Procedural Posture
Civil / Ruling on Objection to Execution
Outcome
Objection sustained
Legal Topics
Execution of Decrees, Vesting of Assets and Liabilities, Affidavit Irregularities, Statutory Interpretation
Source Language
English
Banking Law Civil Procedure Company Law Execution of Decrees Vesting of Assets and Liabilities Affidavit Irregularities Statutory Interpretation

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 2
Sign in to unlock

Parties

M/S Geomin

Plaintiff

National Bank of Commerce (1997) Ltd.

Objector/applicant

National Bank of Commerce

Defendant/judgment Debtor

Procedural Posture

Civil / Ruling on Objection to Execution

Legal Issues

  1. 1 Whether the objector inherited liability under the decree against the dissolved National Bank of Commerce
  2. 2 Whether the attached motor vehicles vested in the objector under the reorganization statute
  3. 3 Whether affidavit irregularities invalidate the objection proceedings

Ratio Decidendi

The National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act, No. 23 of 1997, overrides the Road Traffic Act regarding vesting of assets. The objector did not inherit the decree liability as the guarantee was not part of the banking business transferred. The affidavit irregularity was cured by a supplementary affidavit and is not fatal to the objection.

Court Disposition

Objection sustained

Orders

  • Attachment of motor vehicles SU 29053, SU 31817, SU 32896, SU 33168, SU 33256, and SU 32444 is set aside
  • Applicant/objector shall have its costs