judy.legal
Login Register

Jose Estates Limited v. Muthumu Farm Limited,Joseph Njogu Njuguna & National Bank of Kenya

(2019) JELR 100743 (CA)

Court of Appeal  •  Civil Appeal 96 of 2016  •  8 Nov 2019  •  Kenya

Coram
Wanjiru Karanja, Milton Stephen Asike Makhandia, Jamila Mohammed

Judgement

JUDGMENT OF THE COURT

In 1992 the appellant, Jose Estates Limited purchased all that piece or parcel of land known as L.R. No. 10551/3, “the suit property” by way of private treaty from National Bank of Kenya, “the 3rd respondent” (the Bank) for a consideration of Kshs. 15,500,000 in the latter’s exercise of its statutory power of sale. The suit property which belonged to Muthumu Farm Limited, “the 1st respondent ”, had been charged to the 3rd respondent as security for financial facilities which it had accorded to Joseph Njogu Njuguna, “the 2nd respondent ”, in the aggregate sum of Kshs. 5,000,000 between October and December, 1988. The security was for the principal sum aforesaid together with interest at the provisional rate of 15% p.a. revisable with notice to the 1st and 2nd respondents.

The 2nd respondent defaulted in the repayment of the loan so advanced by the 3rd respondent, who in turn exercised its statutory power of sale by way of private treaty and sold the suit property in…

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