UNIVERSAL MERCHANT BANK LIMITED V. DANADAMS PHARMACEUTICALS INDUSTRY LTD DR. YAW ADU GYAMFI

ASIEDU J.

The plaintiff issued a writ against the defendants for the recovery of:

(a) Recovery of the sum of US$4,673,960.84.

(b) Interest at the contractual rate of 10% on the said sum of US$4,673,960.84 from 21^st January, 2016 to the date of full and final payment.

In the alternative:

(c) An order for the judicial sale of the following:

(i) The mortgaged property situate at plot no. 690, Block 22, Section 018, Baatsona, Accra.

(ii) All assets of the 1^st Defendant (Plant and Machinery).

(iii) Cost on full indemnity basis.

A statement of defence was subsequently filed by the defendant. After the failure of pre-trial settlement, the plaintiff filed an application for summary judgment. The defendant is opposed to the application as shown by its affidavit in opposition.

From the statement of defence filed, it is clear that the defendants do not dispute the fact that an amount of $4,295,040.00 was advanced to the 1^st defendant as a loan for which the 1^st defendant executed a deed of mortgage as a s…