Mortgage, loans and bonds

DFCU Bank Ltd v Dr.Ann Persis Nakate Lussejjere ((Civil Application No.29 Of 2003)) [2003] UGCA 10 (10 July 2003);


Search Summary: 

The respondent mortgagor sued the applicant who was in the
process of selling her property to realize the security. The
respondent had mortgaged property to Gold Trust Bank Ltd which
was later sold to the applicant, they respondent agreed that a third
party, (i.e. A.V. Enterprises) would, obtain a loan from Gold Trust
Bank Ltd . After executing the mortgage and depositing her title to
the suit property with Gold Trust bank. The learned trial judge found
in favour of respondent. The applicant was aggrieved by the court's
decision and lodged a Notice of Appeal and filed an application for
stay of execution which was dismissed hence the appeal.

Headnote and Holding: 

The court observed the considerations for grant of stay that
substantial loss may result to the applicant unless the order for stay
is made, that the application has been made without unreasonable
delay and that security for costs has been given by the applicant and
held that the applicant had not proved the substantial loss he would
suffer if the application was not granted.
And for the reason above, the application was dismissed.


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