rungwe freight construction co ltd another vs international commercial bank tanzania ltd 2019 tzca 80 8 february 2019
The overdraft facility was not converted into a long term loan as the appellants failed to comply with the conditions set by the respondent. The debt was not fully paid as interest continued to accrue after the contractual period expired. The settlement agreement was not signed under undue influence, and the appellants acknowledged the outstanding debt and agreed to the calculation of interest. The appeal lacked merit and was dismissed with costs.
Source excerpt
- Loan agreements
- Overdraft facilities
- Mortgage enforcement
- Undue influence
- Interest calculation