Margherita Millers Limited and Anor v Housing Finance Bank (HCCS 390 of 2018)
Margherita Millers Limited and Anor v Housing Finance Bank (HCCS 390 of 2018) [2021] UGCommC 45 (31 August 2021)
The court found that although the Mortgage Deed was not executed by the Defendant bank, the affixation of the Plaintiff's seal and the conduct of the parties, including registration and enjoyment of the loan facilities, created an enforceable equitable mortgage. The debenture, though registered late, was valid as the Plaintiff benefited from the facility and did not challenge the registration until years later. The sale of the securities was valid under the terms of the charge documents, with the Defendant entitled to realise the assets either through a receiver or as attorney of the Plaintif…
Source excerpt
- Mortgage Validity
- Debenture Registration
- Power Of Sale
- Duty Of Care In Realisation
- Secured Transactions
- Remedies For Breach