Login Register

Benson W. K. Mungai v. Co-operative Merchant Bank of Kenya Limited

(2017) JELR 105724 (CA)

Court of Appeal  •  Civil Appeal 257 of 2008  •  3 Mar 2017  •  Kenya

Erastus Mwaniki Githinji, Wanjiru Karanja, Sankale ole Kantai



By a charge agreement dated 9th April 1996, Benson W. K. Muigai (the appellant) charged his property L. R No. 4953/96 Thika Town (suit property) to Co-Operative Merchant Bank Limited (the respondent). The property was supposed to be security for a loan facility to the tune of Ksh. 4,000,000/=.

According to the charge document, the appellant was supposed to pay monthly instalments of Ksh. 117,406/=, which was inclusive of the principal amount and the interest for a period not exceeding sixty (60) months, the first instalment falling due on the thirtieth day after the date of draw down and a like amount be paid every subsequent calendar month until entire amount was paid off.

Unfortunately, the appellant fell back in the repayments, and on 25th July 1997, respondent sold the said property by way of public auction to one Moses Kamatu for Ksh 4,500,000/=. According to the respondent, the amount realised from the sale was utilised to offset the unpaid loan but it left a …

There's more. Sign in to continue reading

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.

Get started   Login