ACKUMEY vs. KUMAH

JUDGMENT OF LAMPTEY J.A. Lamptey J.A. delivered the judgment of the court. Early in December 1985 in the city of Cape Coast the first defendant, C. K. Budgyei, approached the plaintiff-appellant, Gustav Ackumey (hereinafter called the plaintiff), and asked for financial assistance to the tune of ¢75,000. The interest charged was ¢15,000. The plaintiff agreed to give the first defendant the whole amount. The terms and conditions were embodied in a document which the first defendant executed in favour of and for the benefit and purposes of the plaintiff. On receipt of the document the plaintiff gave the first defendant the financial assistance of ¢75,000. The first defendant repaid ¢30,000 and thereafter failed and/or was unable to make further repayments. The plaintiff took out a writ of summons against the first defendant and against one F. K. Kumah as the second defendant. The second defendant was sued because on the face of the document evidencing the loan transaction he stood...