Otubeny v Housing Finance Bank & Anor (Misc. Application No.462 of 2015)
Otubeny v Housing Finance Bank & Anor (Misc. Application No.462 of 2015) [2016] UGHCLD 70 (27 January 2016)
The court held that while the traditional grounds for granting a temporary injunction are well established, in cases involving the sale of mortgaged property, the Mortgage Act 2009 and Mortgage Regulations 2012 specifically govern the process. Regulation 13 requires that a party seeking to stop or adjourn a mortgage sale must pay a security deposit of 30% of the forced sale value or outstanding loan amount, whichever is higher. The applicant did not deny the existence of the mortgage or the outstanding loan, nor did he offer to pay the required security deposit. As such, the court found it ha…
Source excerpt
- Mortgage Enforcement
- Temporary Injunctions
- Security Deposit Requirements
- Breach Of Loan Agreement
- Sale Of Mortgaged Property
- Injunctive Relief