Moses Jim Jjagwe v Standard Chartered Bank (U) Ltd (HCT-00-CC-CS 375 of 2004)
Moses Jim Jjagwe v Standard Chartered Bank (U) Ltd (HCT-00-CC-CS 375 of 2004) [2007] UGCommC 57 (31 May 2007)
The court found that the defendant bank, in selling the mortgaged property by private treaty, failed to exercise reasonable care and diligence to obtain the best price reasonably obtainable. Despite a higher bid of Shs.180m being available and the involvement of reputable parties, the property was sold for Shs.120m without sufficient competitive bidding or patience. The hurried sale caused loss to the plaintiff, and the bank's agents acted mechanically without accommodating reasonable efforts to maximize the sale price. The court held that the duty to obtain the best price is an equitable obl…
Source excerpt
- Mortgagee Power Of Sale
- Duty Of Care In Sale
- Valuation Of Mortgaged Property
- Bank Liability For Negligent Sale