National Social Security Fund v Bank of Baroda (U) Limited
National Social Security Fund v Bank of Baroda (U) Limited (CIVIL SUIT NO. 192 OF 1998) [1999] UGHC 53 (21 October 1999)
The court found that although the original plan was for the plaintiff to lend and the defendant to manage the loan, the defendant's insistence on its own terms resulted in the defendant becoming the lender and the plaintiff acting as guarantor by depositing shs. 60,000,000. The defendant assumed responsibility for documentation and management of the loan, including registration of securities. The court held that it was an express and implied term of the agreement that the defendant would manage the loan professionally and diligently. The defendant failed in this duty by disbursing the loan in…
Source excerpt
- Banking Liability
- Loan Management
- Professional Negligence
- Security Documentation
- Contractual Estoppel