Tanzania Case Law

CIVIL APPEAL NO 382 OF 2023 EQUITY BANK TANZANIA LIMITED ANOTHER VS NAS HAULIERS LIMITED 10 OTHERS

Court

TANZLII

The Court found that the SBLC/LC was issued by Equity Bank Kenya Limited as required, the loan was disbursed to all three respondents, and the respondents defaulted on their obligations, triggering the bank's liability. The High Court erred in its findings regarding the non-issuance of the SBLC/LC, the non-disbursement of the loan, the award of general damages, and the interpretation of the Land Act. The appellants' counterclaim was proved and should be allowed.

Source excerpt

• Standby letter of credit (sblc)
• Loan facility agreements
• Mortgage security
• Counterclaim procedure
• General damages
• Assignment of rights

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state oil tanzania limited vsequity bank tanzania limited and 1 another 2021 tzhccomd 3386 1 october 2021

Court

TZHCCOMD

The High Court held that no SBLC/LC was issued in the required form and substance, so the related securities and guarantees were void and the plaintiff succeeded.

• Standby letter of credit (sblc)
• Facility agreements
• Security sharing
• Foreign loan registration
• Mortgage discharge
• Debenture discharge

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state oil tanzania limited vsequity bank tanzania limited and another 2021 tzhccomd 3351 1 october 2021

Court

TZHCCOMD

High Court of Tanzania held the defendants failed to issue the required SBLC/LC, making the related securities unenforceable and dismissing the counterclaims.

• Standby letter of credit (sblc)
• Facility agreements
• Security interests
• Foreign loan registration
• Breach of contract
• Banking regulation

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