HASTINGS IRRIGATION (K) LTD V. STANDARD CHARTERED BANK (K) LTD & 2 OTHERS

JUDGMENT

By a debenture dated October 19, 1978, the applicant company, Hastings Irrigation (Kenya) Ltd, whom we shall call ‘Hastings Irrigation’, thereby charged all its undertaking, goodwill, assets, books debts and property whatsoever and wheresoever, both present and future, including all its uncalled capital, with the payment and discharge of all moneys and liabilities thereby agreed to be paid or discharged, in favour of the Standard Bank Limited, who were the predecessors of the first respondent to this application (therein and hereinafter called “The Bank”). The debenture was said to be in consideration of the bank having agreed to make or continue to make advances to Hastings Irrigation of permitting it to overdraw on its current account and granting to it other financial accommodation from time to time. The limit of the security provided by the debenture was stated at Kshs 6 million, ranked as a first charge on all Hastings Irrigation’s property, operated as a fixed charge on …