STANDARD CHARTEERED BANK vs. EMMANUEL NARTEY SANGMORTEY

JUDGMENT The Plaintiff disbursed to the Defendant, who was in their employment, an amount of GH¢37,120.00 at an interest rate of 7% per annum. It was the Plaintiff’s case that the agreement was to the effect that if the Defendant left the employment before the loan had been settled, the interest applicable to be charged on the loan would be at the prevailing bank rate. According to the Plaintiff, the Defendant provided a residential property as security for the loan. Since the facility had not been redeemed, the Plaintiff sued for the following reliefs: a. The Defendant pays the Plaintiff the amount of GH¢39,963.80 being the outstanding balance on the loan facility granted the Defendant. b. Interest on the said amount from 13th July 2012 to the date of final payment at the prevailing bank rate. c. Costs occasioned by this action d. A perpetual injunction preventing the Defendant either by himself, privies and agents from letting out or disposing of the property used in secu...