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The High Court adopted a settlement deed as a consent judgment in a bank loan recovery case, marking the suit settled and enforceable as a decree.
The suit was not time-barred due to exclusion of time spent prosecuting Civil Case No. 34 of 2014 in good faith and with due diligence; the appellants were liable for TZS 105,036,404.83 as outstanding overdraft facility, which was specifically pleaded and proved; the trial court erred in awarding 20 percent interest per annum after judgment, which is set aside and replaced with 20 percent interest from filing to judgment and 3 percent court interest thereafter; the board resolution issue was not raised at trial and cannot be considered on appeal.
Source excerpt
Court of Appeal upheld a loan judgment, holding the parties were bound by their written agreement and leaving the reduced 5% monthly interest undisturbed.
Commercial loan dispute over Tshs 100 million, contractual interest, and alleged mortgage security. Court awarded principal and interest, but refused sale of the land.
The trial and appellate courts erred by basing their decisions on documents not admitted in evidence, thus the finding of a loan contract with 10% interest cannot stand; the loan contract remains valid but without the 10% interest term.
Source excerpt
The Court of Appeal dismissed a cross-appeal over compensation and interest, holding that special damages had not been specifically proved and 7% interest was reasonable.
The High Court at Mbeya entered ex parte judgment for the bank after proof of an unpaid overdraft facility secured by mortgage and chattel mortgage.
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