KWABENA SARKODIE vs. INTERCONTINENTAL BANK LTD. AND TWO OTHERS

On 18 January, 2010, this Court granted an order based on an ex parte application by the plaintiff / respondent, (hereinafter called the respondent), directed at the defendants / applicants (to be referred to as applicants hereinafter) to return to the respondent, some machinery that were seized from him because he defaulted in paying back a loan facility granted him by the applicants. The applicants, aggrieved by this order, have filed notice of appeal against it. To enable them prosecute the appeal, they have brought the present application praying for stay of execution of the ex parte order. In an affidavit in support of the motion, the 2nd applicant deposed that the applicants and the respondent had signed a deed of assignment of stock exhibited by the applicants as “ICB1” which empowered them to possess the stock in trade of the respondent, in case of default by the respondent, and to sell same to satisfy any debt owed the applicants. According to the affidavit, it was i...