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Tanzania decisions
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The High Court held that the borrower breached the facility agreement by failing to provide the required original title, so the bank’s cancellation was justified.
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.
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The plaintiffs' properties were not properly mortgaged to secure the 2017 facility as no new mortgage agreements were executed after 2013, and the bank failed to serve default notices or prove valid consents. Plaintiffs' liabilities ended with the 2013 facility, and the bank's continued retention of title deeds was unjustified.
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The High Court held the defendant could pursue the credit facility and mortgages, but the default notices were invalid and of no legal effect.
Defendants breached banker's duty by mismanaging plaintiff's accounts, booking wrong figures, and failing to provide transparent statements. KCB Bank Kenya Limited's facilities were unlawful and unenforceable due to non-compliance with foreign loan registration. Plaintiff proved full repayment of loan liabilities and overpayment. Counter claimants failed to strictly prove their claims for outstanding amounts and interest.
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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 applicants established the existence of triable issues regarding the loan and mortgage, warranting the grant of leave to appear and defend the summary suit.
Source excerpt
The High Court held that the bank proved a USD 8.5 million term loan, the defendants defaulted, and all defendants were jointly and severally liable for the debt, interest, and costs.
The High Court’s Commercial Division entered default judgment for CRDB Bank PLC after the defendant’s struck-out defence left the loan claim uncontested.
The High Court granted the applicants leave to defend a summary suit, finding that their affidavit and documents disclosed triable issues about repayment and interest calculation.
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