crdb bank plc vs true colour limited another 2021 tzca 3533 21 december 2021
The trial court erred in law and fact by relieving the first respondent from liability to pay the outstanding loan balance after the sale of mortgaged property, as there is no legal basis for discharge of the borrower absent negligence or bad faith by the mortgagee. The mortgagee retains the right to pursue the balance of the loan.
Source excerpt
- Mortgagee's duty of care
- Sale of mortgaged property
- Outstanding loan liability
- Forced sale value
- Bonafide purchaser