Try asking the following...
JUDGMENT
JUDGMENT
The Plaintiff claimed against the Defendants jointly and severally, for the recovery of the sum of GH¢991,352.69 being the outstanding balance of an overdraft facility granted to the 1st Defendant together with interest at the rate of 32% per annum from 13th November 2009 till the date of final payment.
Alternatively, the Plaintiff prayed the court for an order of judicial sale of properties situate at No. 115 Kaneshie Housing Estate and Plot No. E180/17 Kotobabi Down belonging to the 4th Defendant as well as 5th Defendant’s property at Sampaman, Mile 9 Winneba Road which had been mortgaged in favour of the Plaintiff. The Plaintiff deposed in its statement of claim that the 1st Defendant was granted an overdraft facility in the sum of GH¢800,000.00 to augment its working capital. This was at an interest rate of 32.75% per annum, a default interest of 1% per annum and an additional penal interest of 6% on the amount which remained unpaid per month when same was due for repayment. The Plaintiff stated that as a condition precedent to the grant of the facility, the 2nd and 3rd Defendants as Managing Director and General Manager, undertook to be jointly and severally liable to the
Plaintiff should the 1st Defendant, a limited liability company fail to honour its obligations.
As further security for the loan, the 4th and 5th Defendants mortgaged their landed properties.
The Defendants all caused Counsel to enter appearance to the suit. It was however only 4th Defendant which delivered a Defence and a Counterclaim. In his Amended Defence and Counterclaim, the 4th Defendant said that he used his property as security for the repayment of a facility of GH¢500,000.00 on 12th February 2007. He contended that this loan was paid off and instead of his property being released, and in the teeth of his protests, the 2nd Defendant took another loan from the Plaintiff using his property as collateral
He also averred that he was desirous of selling his property and the 2nd Defendant had told him he had a business partner who would be willing to purchase it. He said several persons had promised to purchase the house at North Kaneshie which price he had quoted as $1,200,000.00. He therefore asserted that he had suffered loss and damage due to the Plaintiff’s conduct. He therefore put in a counterclaim for the sum of $1,200,000.00 being the sale price of House No. 115 North Kaneshie, Accra together with interest from 2nd October 2008 till the date of final paymen