Odora & 3 Ors v Diamond Trust Bank & Anor
Odora & 3 Ors v Diamond Trust Bank & Anor (Miscellaneous Application No. 891 of 2016) [2017] UGCommC 28 (12 April 2017)
The application for a temporary injunction fails on the merits except to the extent that the statutory process for sale under the Mortgage Act must be strictly complied with. The applicants did not establish a prima facie case for an injunction, as only the first applicant has a relevant interest and has acknowledged indebtedness. The loan agreements and memorandum of understanding expressly permit sale of the mortgaged properties upon default, and the applicants failed to meet repayment obligations. The court finds that sale of mortgaged property does not constitute irreparable loss, as it i…
Source excerpt
- Temporary Injunction
- Mortgage Enforcement
- Loan Default
- Statutory Notice Requirements
- Property Sale Process