Felix Chanda v Access Leasing Ltd (Appeal 126 of 2001) [2003] ZMSC 119 (26 November 2003)

Felix Chanda v Access Leasing Ltd (Appeal 126 of 2001) [2003] ZMSC 119 (26 November 2003)

Compound interest was not agreed upon in the second lease agreement and must be expunged from the indebtedness; no penal interest was charged; costs were properly awarded to the defendant due to the appellant's breach of contract.

Citation
[2003] ZMSC 119
Parties
Appellant: Felix Chanda; Respondent: Access Leasing Ltd
Court
Supreme Court of Zambia
Jurisdiction
Zambia
Judgment Date
26 November 2003
Case Number
Appeal 126 of 2001
Procedural Posture
Civil Appeal / Judgment After Appeal
Outcome
appeal dismissed
Legal Topics
Compound Interest, Penal Interest, Costs, Lease Agreements
Source Language
English
Contract Law Banking Law Compound Interest Penal Interest Costs Lease Agreements

Case Brief

Summary, issues, holding and outcome

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Parties

Felix Chanda

Appellant

Access Leasing Ltd

Respondent

Procedural Posture

Civil Appeal / Judgment After Appeal

Legal Issues

  1. 1 Whether the charging of compound interest under the second lease agreement was lawful
  2. 2 Whether penal interest was charged under the lease agreements
  3. 3 Whether costs were properly awarded to the defendant

Ratio Decidendi

Compound interest was not agreed upon in the second lease agreement and must be expunged from the indebtedness; no penal interest was charged; costs were properly awarded to the defendant due to the appellant's breach of contract.

Court Disposition

appeal dismissed

Orders

  • Appeal dismissed on all grounds
  • Costs awarded to the defendant, to be taxed in default of agreement