CHRISLINE FINANCIAL SERVICE (PLAINTIFF) vs. GYPOGGLE CO. (DEFENDANT) [2016]DLHC7297

Date	2016-01-21
Suit No.	SUIT NO. BFS/54/13
Citation No.	[2016]DLHC7297

HIS LORDSHIP GEORGE K. KOOMSON (J).

DR. YEBOA AMOA FOR PLAINTIFF

DAVID BONDORIN FOR DEFENDANT

[2016]DLHC7297
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													<main id="main" class="content" style="min-height: 60rem" >CHRISLINE
FINANCIAL SERVICE<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>GYPOGGLE CO.<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT (COMMERCIAL
DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

SUIT
NO. BFS/54/13&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE:
21ST JANUARY, 2016<o:p></o:p>

</div>COUNSEL: <o:p></o:p>DR.
YEBOA AMOA FOR PLAINTIFF <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

DAVID
BONDORIN FOR DEFENDANT <o:p></o:p>

</div>CORAM:<o:p></o:p>HIS
LORDSHIP GEORGE K. KOOMSON (J).<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0in 1.0pt 0in">

<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:center;line-height:115%;border:none;mso-border-top-alt:solid windowtext 1.5pt;
mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT<o:p></o:p>

</div>The Plaintiff's claim against the Defendant jointly
and severally for:<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">1.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GH¢218,599.97
being accumulated debt due and owing to the Plaintiff' under a short term loan
facility granted by the Plaintiff' to the 1st Defendant which the 2nd
Defendant guaranteed and / or stood as surety.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">2.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest
on the said sum of GH¢218,599.97 at the interest rate of 4.5% per annum plus a
default interest charge of 2% rate per month (both totalling 6.5%) per month
from 31st January, 2012 to date of full and final payment.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">3.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Post
Judgment interest at the statutory rate on the Judgment amount from the date of
Judgment until the date of final payment.<o:p></o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">4.<span style="font-style: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Legal
cost of full indemnity.<o:p></o:p>A summary of the facts giving rise to the present
action are that, the Plaintiff is a non-banking institution.&nbsp; The 1st Defendant is a customer of
the Plaintiff having been granted facilities of the Plaintiff.&nbsp; On the 8th June, 2009, the Plaintiff
advanced to the 1st Defendant a loan facility in the sum of GH¢50,000.00.&nbsp; Subsequent to this, the parties entered into
another agreement on the 11th May, 2010 in which the Plaintiff
granted a loan facility of GH¢25,000.00 &nbsp;to
the 1st Defendant on an agreed interest of 4.5% per month and a
default rate of 6.5% (including a 2% penal rate) to be charged on the
outstanding balance up to the date of final payment.&nbsp; The said facility had a duration of one
month.&nbsp; The 1st Defendant used
a land situated at Dawhenya and a Performance Bond from Star Assurance Company
Limited as security for the facility.<o:p></o:p>The 8th June, 2009 agreement had an
interest rate of 6% per month and a default rate of 8%.&nbsp; Besides the personal guarantee provided by
the 2nd Defendant for the 8th June, 2009 facility, the 1st
Defendant was further required to provide a landed property or chattels as
security and a Performance Bond from Star Assurance Company Limited.<o:p></o:p>The 1st Defendant defaulted on these two
facilities and by a letter dated 24th May, 2010, requested the
plaintiff to allow them pay GH¢1,300.00 over a period of time so as to settle
their total indebtedness.<o:p></o:p>