20201005 TZHC Dar es Salaam

The plaintiff defaulted on loan repayment as per the written agreement, the auction of business chattels was outside the scope of the mortgage security, but the plaintiff failed to specifically prove the existence, value, and seizure of the alleged goods, and thus failed to establish entitlement to damages.

Citation: 20201005 TZHC Dar es Salaam
Parties: Plaintiff: Silivan Michael Assey; 1st Defendant: Finca Tanzania Limited & Finca Microfinance Bank Limited; 2nd Defendant: Boston Auction Mart & General Agency Co. Limited
Court: TZHC
Jurisdiction: Tanzania
Judgment Date: 5 October 2020
Procedural Posture: Civil Case / Judgment
Outcome: Suit dismissed with costs
Legal Topics: Loan Agreement, Breach of Contract, Mortgage, Auction Procedure, Damages
Source Language: English

Contract Law Banking Law Property Law Loan Agreement Breach of Contract Mortgage Auction Procedure Damages

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Full judgment text Downloadable case file Legal principles 4 Authorities cited 5 Party arguments 2 Amounts and remedies 5

Parties

Silivan Michael Assey

Plaintiff

Finca Tanzania Limited & Finca Microfinance Bank Limited

1st Defendant

Boston Auction Mart & General Agency Co. Limited

2nd Defendant

Procedural Posture

Civil Case / Judgment

Legal Issues

1 Whether the plaintiff defaulted in payment of loan
2 Whether the goods sold by the defendant were mortgaged assets
3 If the goods were mortgaged assets, whether the sale was lawful

Ratio Decidendi

Court Disposition

Suit dismissed with costs

Orders

Plaintiff's claims dismissed
Plaintiff to pay costs