DR. BENJAMIN KWESI DADZIE vs ECOBANK GHANA LIMITED
2019
HIGH COURT
GHANA
CORAM
- HER LADYSHIP MRS. ANGELINA MENSAH-HOMIAH J.
Areas of Law
- Contract Law
- Property and Real Estate Law
- Banking and Finance Law
2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involves a dispute over the sale of a repossessed property by Ecobank Ghana Limited to Dr. Ben Dadzie. The main issue was the bank's failure to provide title documents after selling the property. The court found that while the property was sold 'as is', the bank still had an obligation to perfect Dadzie's title. The court ordered the bank to take steps to comply with the Home Mortgage Finance Act within 90 days to perfect Dadzie's title. However, the court denied Dadzie's claims for specific performance and damages, finding he had benefited from the property since 2011 without proving financial loss. The case highlights principles of contract law, property law, and banking law, particularly regarding mortgaged property sales and the obligations of financial institutions in such transactions.
This suit relates to a contract of sale of landed property between the parties herein.
The Plaintiff is a retired Agriculturalist and a customer of the Defendant bank which is registered under the laws of Ghana.
The original writ of summons was filed on 13th March, 2016. By his amended writ of summons and statement of claim issued from the registry of this court on 9th November, 2018, the Plaintiff sought an order of Specific Performance and Completion of the Contract of Sale with the submission of title documents on Apartment C5, Earls Court, Airport Residential Area, Accra by the Defendant, damages for breach of contract and cost, including legal expenses.
THE PLAINTIFF’S CASE On seeing an advertisement put up by the Defendant in the 25th February 2011 edition of the Daily Graphic Newspaper for the sale of 2 (3 bedroom) Apartments at Airport Residential Area, Accra, the Plaintiff contacted the Bank for confirmation, and on 3rd March 2011, the Defendant gave to the Plaintiff an offer letter for the Sale of the said Apartment at the cost of Two hundred and Sixty Thousand United States Dollars (US$260, 000. 00). The Plaintiff made payments in accordance with the terms of the offer and was put into possession in April, 2011. That notwithstanding, the Defendant failed to give the necessary title documents to the Plaintiff for registration.
Instead, the Defendant gave the Plaintiff an undertaking to ensure that he does not incur any financial loss in the event of undue delay or failure to complete and deliver the title deeds to him and to ensure that the process is completed within the shortest possible time.
The Plaintiff prays for an order compelling the Defendant to deliver the requisite title documents.
THE DEFENDANT’S CASE The Defendant does not dispute the fact of the advertisement for the sale of the property which was eventually sold out to the Defendant at the price of Two hundred and Sixty Thousand United States Dollars (US$260, 000. 00). The Defendant maintains that after payment of an initial sum of US$254, 000. 00. 00, made up of cash payment of US$240, 000. 00 and US$14, 000. 00 rent collected from the sitting tenants, the Plaintiff was put in possession and has exercised full acts of ownership since April, 2011. The Plaintiff has not paid the balance of US$ 6000. 00. The Defendant further maintains that the property was sold to the Plaintiff on ‘as is basis’, and that the Plaintiff was made aware of the Defendant’s difficulty in getting th