Solomon Champlain Lui & Another v Stanbic Bank Uganda Limited & Another
Solomon Champlain Lui & Another v Stanbic Bank Uganda Limited & Another (Civil Suit 63 of 2018) [2021] UGCommC 197 (16 April 2021)
The court found that the mortgages were legally issued and valid despite procedural defects in execution, as the plaintiffs delivered their titles to the mortgagee as security. The sale of the suit properties to the 2nd defendant was legal, and the 2nd defendant acquired good title, as there was no evidence of fraud or collusion. However, the 1st defendant breached its duty of care by selling the properties below the forced sale value established in the second valuation report. The plaintiffs are entitled to the difference between the forced sale value and the actual sale price. The plaintiff…
Source excerpt
- Mortgage Enforcement
- Foreclosure Procedure
- Duty Of Care In Sale
- Valuation Of Mortgaged Property
- Fraud In Property Transactions
- Remedies For Breach Of Mortgage