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Mua Park Investments Limited v. Kenya National Assuarance Company Limited (in Liquidation)

(2016) JELR 98876 (CA)

Court of Appeal  •  Civil Appeal 199 of 2007  •  22 Apr 2016  •  Kenya

Coram
Martha Karambu Koome, Wanjiru Karanja, Mohammed Abdullahi Warsame

Judgement

JUDGMENT OF THE COURT

By a charge made on 24th day of October, 1989 between Mua Park Investments Limited (appellant), and Middle Africa Finance Company Limited, as chargee, the appellant charged its property known as Title No. I.R 48130, (suit property), to secure payment of a sum not exceeding Ksh ten million (10,000,000.00) or lower at the interest rate of 18%.

Although, the charge document does not seem to form part of the record of appeal, according to the appellant, the legal date of redemption of the said charge indicated in the charge, was 1st November 1989, which would in effect mean less than two weeks after the date of the charge.

According to the appellant’s plaint in Nairobi HCCC No. 5357 of 1993, it repaid the loan in agreed installments but the Middle Africa Finance Company declined to discharge the title to the suit property to the appellant.

In its plaint in HCCC No. 355 of 2005, the appellant averred that it signed the charge; that the same was redeemable by 19th November…

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