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Ncba Bank (K) Plc v. Landmark Port Conveyors Limited & Buzeki Enterprises Limited

(2020) JELR 98509 (CA)

Court of Appeal  •  Civil Application 1 of 2020  •  24 Jul 2020  •  Kenya

Coram
Roselyn Naliaka Nambuye, Hannah Magondi Okwengu, Daniel Kiio Musinga

Judgement

RULING OF THE COURT

[1] Landmark Port Conveyors Limited (Landmark) filed a suit in the High Court and obtained judgment against Buzeki Enterprises Limited (Buzeki). In execution of the said judgment, Moran Auctioneers proclaimed 53 trucks and trailers belonging to Buzeki. NCBA Bank (K) PLC (the bank), who is now the applicant before us, filed objection proceedings before the High Court, objecting to the attachment of the 53 trucks and trailers. The Bank contended that it was holding Debentures over the moveable and immoveable properties belonging to Buzeki, including the 53 trucks and trailers, as security for a loan of Kshs 2,700,000,000 issued to Buzeki, and that the Debentures had crystallized and the assets could not therefore be proclaimed or sold by Landmark as the Bank had become the owner of the assets.

[2] Upon hearing the objection proceedings, the High Court (Mbogholi Msagha, J.) delivered a ruling in which it dismissed the objection proceedings, holding that the Bank had not…

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