UNION SAVINGS AND LOANS LTD vs. DREAM FINANCE LTD.

On the 2/12/15 the court granted an application filed by the Lender/Respondent herein on a motion for the possession of H/N Plot No 340 Trasacco Valley Estates, Accra under section 34(2) of the Borrowers and Lenders Act, Act 773. The applicant herein was served with the application but failed to appear before the court. It is the grant of the application for a warrant for the possession of the said property that has ignited the present application wherein the borrower/applicant seeks to set aside the grant of the warrant. To fully appreciate the principles that will govern the grant or refusal of this application it would be useful to set out the background facts that has led to this present application. The lender in August 7, 2014 made an investment placement with the borrower/applicant in the sum of Gh¢5.000.000.00. The lender sometime later made a demand for those sums of monies deposited as investment capital with the borrower/applicant. Instead of their monies being paid back....