BSIC (GHANA LIMITED) SAHEL SAHARA BANK VS CANDY-LOVE QUARMNYE & ANOR

The Plaintiff has sued the Defendants jointly and severally for the following reliefs endorsed on its writ filed on the 1st day of March, 2013. a) Recovery of the sum of One Hundred and Thirty-One Thousand, Six Hundred and Forty-Two Ghana Cedis , Seventy -Four Pesewas (GHȼ131, 642. 74) being as of the 17th day of January, 2013, the outstanding balance in respect of the said credit facility granted by Plaintiff to the 1st Defendant b) Recovery of the agreed rate of interest of 30. 5%per annum plus a margin of 3% per annum on a) above from the 17th January, 2013 till date of final payment.

c) Recovery of the agreed penal rate of 10% on facility amount above the agreed interest rate on ( a) and (b ) above from the 17th day of January, 2013 to date of final payment d) An order for the judicial sale of the residential property belonging to the 2nd Defendant at Plot No. 853 Block 23, Section 171/2, Dome, Accra e) Costs including legal fees.

Plaintiff avers that it is a limited liability company engaged in the business of banking.

On or about the 29th day of January, 2010, it granted a credit facility to the 1st Defendant, a customer of Plaintiff bank.

As security for the repayment of the said loan, the 1st Defendant provided the following: a) A Mortgage of 2nd Defendant’s property situate in Dome, Accra b) Assignment of all receivables in an Assignment between the Plaintiff and 1st Defendant.

c) A Personal Guarantee of the 1st Defendant valued at One Hundred and Sixty-Eight Thousand, Two Hundred and Eighty-Four Ghana cedis (GHȼ168, 284. 00). d) A Floating Charge dated the 3rd day of February, 2010. By the terms of the facility, the principal amount, the interest and other charges became due and payable immediately upon a failure by the 1st Defendant to pay the facilities on the due dates or whenever called in.

According to the Plaintiff, by a letter dated the 18th day of February, 2011, it reminded the 1st Defendant of the expiry date for the facility which was the 28th day of February, 2011 and also informed the 1st Defendant of its level of indebtedness, which stood at Sixty-Three Thousand, Two Hundred and Seventy-Three st honour its obligations such that its indebtedness stood at One Hundred and Thirty-One Thousand, Six Hundred and Forty-Two Ghana Cedis, Seventy -Four Pesewas (GHȼ131, 642. 74) as at the 17th day of January, 2013 . It is for this reason that Plaintiff has instituted the present action.

The 1st Defendant on the 16th day of August, 2013 e