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Tanzania decisions
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High Court of Tanzania held that Bank of Africa’s floating charge over OM Agro’s assets had priority over the defendant’s later claim to cashewnuts.
The parties agreed to settle the dispute by restructuring and rescheduling the outstanding loan, with the 1st defendant to pay TZS 1,500,000,000.00 in instalments, and all security documents to remain valid until full payment. Upon full settlement, all claims are waived and the loan agreement is cancelled. The consent judgment is entered as per the Deed of Settlement.
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The High Court held that the 1st defendant defaulted on a credit facility, upheld the bank’s sale of secured vehicles under the debenture, and dismissed the counterclaim.
The High Court of Tanzania's Commercial Division certified an undertaking preserving collateral and status quo pending a jurisdictional objection in the main suit.
The High Court upheld a lender’s claim over a defaulted loan secured by a matrimonial home, finding the loan, mortgage, spousal consent, and notice requirements satisfied.
The High Court of Tanzania entered judgment for KCB Bank Tanzania Ltd in an ex-parte loan recovery suit and granted the claimed debt, interest, and costs.
The High Court held that the plaintiff had knowledge of the loan extension through its director, so the mortgage remained enforceable and the suit was dismissed.
Default judgment for the bank after borrowers and guarantors failed to defend a claim on unpaid credit facilities, with damages, interest, and costs awarded.
High Court injunction ruling on seized vehicles under a hypothecation agreement. The court held the creditor could not sell or impound the vehicles without court intervention.
Summary judgment is entered against the first defendant for failing to defend, but the decree is limited to one-third of the outstanding amount and related reliefs, reflecting the settlement with the other defendants.
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