STANBIC BANK GHANA LTD vs. WILFRED @ FINANCE LTD & ANOTHER

RULING The Applicant filed the instant application on 15th August 2023 praying for is the following reliefs: a) An order for the Judicial Sale of the Mortgaged Property located at Community 20, Tema, mortgaged to the Applicant by the 2nd Respondent to enable the Applicant to apply the proceeds to liquidate the Respondent’s indebtedness to the Applicant. b) An order that the Forced Sale Value of the Mortgaged Property be set as the Reserved Price of the Mortgaged Property and same be reduced by 20% after three successive failed attempts to sell at the forced sale value. c) Interest thereon at the prevailing default rate of 36.12% per annum from June 2, 2023, up to and inclusive of the date of final payment. d) Cost inclusive of legal cost. The Respondents were served with the present application on 13th October 2023 but have not filed any process yet. ANALYSIS AND DECISION The borrower’s obligation under the law is provided for under Section 59 of Borrowers and Lenders Ac...