Habib Oil Limited & 4 Ors v Standard Chartered Bank Uganda Ltd
Habib Oil Limited & 4 Ors v Standard Chartered Bank Uganda Ltd (Miscellaneous Application No. 872 of 2015) [2017] UGCommC 21 (10 March 2017)
The application for a temporary injunction fails because the Applicants have not demonstrated a prima facie case with a likelihood of success. The alleged frustration is unsupported by evidence, as the delay in payment from third parties does not amount to frustration of the loan contract, and the Applicants have acknowledged indebtedness. The mortgage agreements and statutory provisions entitle the Respondent to enforce its security upon default, and the interest rate was contractually agreed with discretion to vary according to market conditions. The loss of mortgaged property is not irrepa…
Source excerpt
- Mortgage Enforcement
- Temporary Injunction
- Loan Default
- Contract Frustration
- Interest Rate Dispute
- Security Realisation