Greenland Bank Ltd (In liquidation) v Wasswa Birigwa and Anor (HCT-00-CC-CS 26 of 2004)
Greenland Bank Ltd (In liquidation) v Wasswa Birigwa and Anor (HCT-00-CC-CS 26 of 2004) [2007] UGCommC 108 (20 December 2007)
The court found that the plaintiff failed to serve the required statutory notice of default or demand on the defendants prior to the sale of the mortgaged property, in violation of Sections 116 and 117 of the Registration of Titles Act and the terms of the mortgage deed. The sale was therefore unlawful. Furthermore, the court found clear evidence of fraud, as the property was sold for Shs.17,000,000.00 but only Shs.13,000,000.00 was declared to the defendants, with the difference concealed. The plaintiff also acted negligently by failing to obtain a pre-sale valuation and selling the property…
Source excerpt
- Mortgage Enforcement
- Statutory Notice Requirements
- Fraudulent Sale
- Duty Of Care In Mortgage Sales
- Valuation Of Mortgaged Property
- Remedies For Unlawful Sale