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The High Court partly allowed a bank’s claim on an overdraft facility, awarding Tshs. 200 million principal and Tshs. 10 million general damages, but rejecting higher and cheque-based claims.
The Court of Appeal held the bank proved an overdraft debt and that lack of a default notice did not defeat recovery after expiry of the facility.
The execution of the term loan facility between the Plaintiff and the 3rd Defendant constituted a novation, extinguishing the original overdraft facility and discharging the 1st Defendant from liability. The Plaintiff's claim against the 1st Defendant was not justified as the original facility ceased to exist upon novation and settlement with the 3rd Defendant.
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The High Court held that the bank proved two overdraft facilities, but failed to prove the 2nd and 3rd defendants guaranteed the second facility.
The applicant established a prima facie case, demonstrated risk of irreparable injury if the property is sold, and the balance of convenience favors the applicant. The issues of whether the property was released as security and whether proper notice was served are triable issues for the main suit, not for determination at this stage. Therefore, the conditions for granting a temporary injunction are met.
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The defendant breached the banker-customer relationship by withdrawing the entire USD 13,000,000.00 from the plaintiff's account after the expiry of the deed of undertaking, which only authorized deductions within a specific period and up to 40% of TANESCO payments. The defendant was only entitled to deduct 40% of the received amount, not the full sum. The plaintiff failed to prove loss of business or entitlement to claimed compensation and interest beyond the refund and court interest.
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Commercial dispute over an overdraft debt was resolved by deed of settlement, which the High Court recorded as a consent judgment and decree.
Ex parte commercial judgment for the bank on an overdraft default and guarantee enforcement, awarding the outstanding debt, contractual and penal interest, damages, and costs.
The court found that the 1st defendant was advanced TZS 666,000,000 as principal, not TZS 992,817,593.69. The 1st defendant failed to fully repay the overdraft facility, leaving an outstanding balance of TZS 98,255,893.85. The plaintiff proved service of default notices to the guarantors by post, making the 2nd and 3rd defendants liable as guarantors. The plaintiff is entitled to recover the outstanding sum with interest as specified.
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The suit was incompetent for failure to join mortgagors as necessary parties; the proceedings and judgment of the trial court are a nullity and must be set aside.
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