Ataco Freight Services Limited v Stanbic Bank (U) Limited
Ataco Freight Services Limited v Stanbic Bank (U) Limited (Civil Suit 471 of 2017) [2024] UGCommC 147 (16 January 2024)
The court found that the transaction between the parties was a finance lease facility, as evidenced by the written agreements and supporting documents. The Plaintiff selected the supplier and assets, executed the sale agreement, and accepted the lease terms. The court held that no evidence supported the Plaintiff's claim of a binding Buy-Back Agreement or advisory role by the Defendant beyond financing. Oral negotiations or assurances could not vary the written contract in the absence of fraud, misrepresentation, or other vitiating factors, none of which were pleaded or proven. The Plaintiff…
Source excerpt
- Finance Leasing
- Breach Of Contract
- Asset Financing
- Loan Default
- Contractual Obligations