JUDGMENT OF ROGER KORSAH J.
On 19 February 1971, a deed of mortgage and a general charge were made and executed on the one part by the plaintiff as mortgagor and Gum Trading Co., Ltd., a company of which the plaintiff was the managing director and majority shareholder, as chargor, and on the other part, by the first defendant as mortgagee and chargee.
Under the said deed of mortgage and general charge, the plaintiff sub-demised to the first defendant, his leasehold property with buildings thereon, situate at Bawku in the Kusasi District of the Upper Region of Ghana, for all the residue of the term created by the said lease except the last day thereof, as part of the security for a loan of ¢70,000 granted to the plaintiff by the first defendants. As a collateral security for the said loan, Gum Trading Co., Ltd. created in favour of the first defendants, firstly, a specific charge on all its plant, machinery, vehicles and stocks involved in and engaged upon its undertaking and business, and secondly a floating charge on all other assets not detailed in the second schedule to the said deed of mortgage, but which were nonetheless involved in and engaged upon the undertaking and business of the company.
The loan so granted together with interest and any further advances with interest thereon was, by the terms of the said deed of mortgage, to be repaid on or before 30 June 1975; upon which payment the sub-demise to the first defendant shall determine and the property so mortgaged, be redeemed. Clause 8 of the deed of mortgage conferred on the first defendants the power to sell and convert into money, all or any part of the mortgaged [p.189] premises or charged assets, etc., by public auction or private contract, when the legal date for redemption has passed and the moneys secured, or any part thereof, or interest remains unpaid.
The first defendants, upon the plaintiff's failure to repay the loan together with interest after the legal date for redemption had passed, sought to exercise the power of sale conferred on them by the deed of mortgage and general charge by affixing auction notices on the plaintiff's properties listed in the schedule attached to the writ herein.
The plaintiff, in his writ of summons and statement of claim, does not dispute the fact that circumstances have arisen rendering exercisable the first defendants' power of sale, but contends that such power of sale whether or not contained in a deed of mortgage, is exercisable only in resp
