FIRST ATLANTIC BANK LIMITED vs. VIVIAN ATAKORA (a.k.a.) MRS. VIVIAN MARFO)

The facts that have spawned the present litigation are fairly straightforward. The Defendant, a customer of Plaintiff bank applied for and was granted an overdraft facility in the sum of Twenty Thousand Ghana Cedis (GH¢20, 000.00) to augment her working capital. Plaintiff avers that the overdraft facility was to attract an agreed interest rate of 23% per annum with a penal rate of 3.5% over and above the agreed rate in the event of the Defendant’s account being overdrawn or payments becoming overdue. The facility granted was secured with a mortgage over Defendant’s property situate at Ablekuma, Accra. It is the case of the Plaintiff that Defendant, at the expiration of the facility, had fallen into arrears of payment and that her indebtedness to Plaintiff stood at One Hundred and Ninety-Three Thousand, Six Hundred and Sixty-Three Ghana Cedis, Twelve Pesewas (GH¢193,663.12) as at 31st October, 2014. The Defendant, however had in spite of repeated demands on her to make good ...