Search judgments by proposition, citation, court, judge or legal topic, then move directly into the source-grounded case analysis.
Results update automatically as you type.
Tanzania decisions
Decisions matching the current search
Consent judgment recorded a settlement in a bank loan dispute, reducing the debt, releasing collateral, and discharging guarantors on agreed payment terms.
The High Court of Tanzania held that a payment guarantee bond had to be read with the credit facility and Tanzanian law. It dismissed the bank's claim after finding material breaches by the plaintiff.
The compromise of suit in Commercial Case No. 106 of 2017, entered without the guarantors' consent, constituted a novation and discharged the appellants from liability under the guarantee agreements. The subsequent suit against the guarantors was not maintainable as the respondent had no cause of action after the decree.
Source excerpt
The 2nd and 3rd defendants were discharged as guarantors due to material variation of the loan facility without their consent, as required by section 87 of the Law of Contract Act. The first defendant defaulted in repayment, but interest after 10th October 2012 was not awarded due to the plaintiff's promise of additional funding, which created a legitimate expectation but not a binding contract. The demand notice was valid as the suit was not for enforcement of mortgage.
Source excerpt
Explore more
