[2017]DLHC3460 • May 31, 2017 • High Court
AGRICULTURAL DEVELOPMENT BANK vs. ALTIMATE AGROCHEMICAL CO. AND 2 OTHERS
The plaintiff, Agricultural Development Bank (ADB), granted the 1st defendant, Altimate Agrochemical Co., a short term revolving loan of GHS 408,816.00 and an overdraft facility of GHS 50,000.00, to be repaid within 180 days though the tenor was 12 months. The loan was allegedly secured by the 2nd and 3rd defendants' properties. The 1st defendant defaulted on repayment. The defendants contended that repayment was contingent on good rainfall patterns affecting their agrochemical business and denied executing mortgage or indemnity agreements.
read moreThe plaintiff’s claim is for the recovery of the sum of GHS 685,045.72 from the defendants, jointly and severally, with interest on the said sum at the rate of 40% per annum from the 11th May 2016 till date of final payment. The plaintiff further asked for the judicial sale of the mortgaged properties in satisfaction of the judgment debt. The case of the plaintiff is that at the request of the 1st defendant on or about the 7th May 2015, it granted the 1st defendant a short term revolving loan of GHS408,816.00 and an overdraft facility of GHS50,000.00. It is further the case of the plaintiff that these facilities granted to the 1st defendant together with interest were to be repaid within 180 days although the facilities had a tenor of 12 months. It is further contended by the plaintiff that the facilities granted to the 1st defendant were secured by the 2nd and 3rd defendants jointly and severally with their property at Amanfroko – Oyarifa and Somanya. It is further the con...