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Paul Odhiambo Edward Gondi v. National Bank of Kenya Ltd

(2015) JELR 95018 (CA)

Court of Appeal  •  Civil Appeal 271 of 2005  •  11 Dec 2015  •  Kenya

Coram
Alnashir Ramazanali Magan Visram, Hannah Magondi Okwengu, Jamila Mohammed

Judgement

JUDGMENT OF THE COURT

1. The appellant herein is the registered proprietor of L. R Nakuru Municipality/ Block 5/169 (suit property) which has been charged to secure several financial facilities granted by the respondent. Initially by a charge dated 28th September, 1982 the appellant charged the suit property as security for the repayment of advances and/or other financial accommodation not exceeding Kshs.150,000/= granted by the respondent to Cholaco Tools Limited. Thereafter, by a variation of charge dated 28th October, 1986 the terms of the initial charge were varied to the effect that the charge would be a continuing security for advances and other financial accommodation not exceeding an aggregate of Kshs.150,000/= to be granted to the appellant and Cholaco Tools Limited jointly and severally.

2. On 13th November, 1989 a debenture was executed between the respondent and Blowmocans Limited (the principal borrower) wherein the principal borrower charged all its undertaking, goodwill a…

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