Brain Bridge High School Limited v MontClair Schools Limited and Another
Brain Bridge High School Limited v MontClair Schools Limited and Another (Civil Suit 65 of 2022) [2024] UGHC 1124 (11 December 2024)
The plaintiff, through its directors, executed a corporate guarantee in favor of the 2nd defendant, thereby assuming liability for the loan advanced to Mashunga Enterprises (U) Ltd. Upon default, the 2nd defendant lawfully exercised its right of foreclosure and sold the mortgaged property, which was limited to the land and developments thereon. The movable properties of the plaintiff were not pledged as collateral and were not subject to sale under the Mortgage Act. The plaintiff failed to prove that its school assets were sold or that it made any demand for their return, which is essential f…
Source excerpt
- Corporate Guarantee Liability
- Mortgage Foreclosure
- Detinue
- Sale Of Mortgaged Property
- Burden Of Proof
- Remedies For Wrongful Possession