STANBIC BANK LTD. vs. MEAGLENT HOTEL AND ALFRED ASANTE-KOREE

A. M. DORDZIE, JA: The plaintiff appellant herein granted a loan facility to the defendant respondent in the sum of USD2, 345,910. Subsequently a further amount of USD100, 000 was granted the 1st defendant as an overdraft facility. The defendants defaulted in the repayment of the facilities it took from the plaintiff bank. The plaintiff therefore sued for the recovery of the balance due the plaintiff plus interest; in the alternative the plaintiff asked for an order of judicial sale of the property mortgaged for the loan. At a point in time the parties agreed to settle the dispute amicably. On the 2nd of November 2011 the parties filed terms of settlement in which the parties agreed as follows: a) The defendant’s property located at House Number 1 Pantang Hospital Road, Adenta Accra, also known as Meaglent Hotel shall be sold for USD7, 100,000.00 by the 31st December 2011 and the proceeds thereof used to settle the defendant’s indebtedness to the plaintiff. b) Upon the sale...