National Industrial Credit Bank Limited v Aquinas Francis Wasike & another [2015] KECA 337 (KLR)

Facts

The appellant, National Industrial Credit Bank Limited, sued the 1st respondent, Aquinas Francis Wasike, and the 2nd respondent, Lantech Limited, for the recovery of Sh.1,018,892/= as at 4th September, 2001, at a rate of 33.9% p.a. until payment in full plus commercial rates of interest. The claim was based on a hire-purchase agreement entered into on 3rd September, 1998, where the appellant financed the 1st respondent to buy a motor vehicle registration No. KAK 136T BMW for a principal sum of Sh.3,412,500/=. The 2nd respondent signed a deed of guarantee and indemnity in favor of the appellant, standing surety for the 1st respondent's repayment.

Issues

1. Recovery of the sum of Sh.1,018,892/= as at 4th September, 2001, at a rate of 33.9% p.a. until payment in full plus commercial rates of interest
2. Validity of the hire-purchase agreement and the deed of guarantee

Reasoning

The court found that the appellant had not proven its case and that the hire-purchase agreement and the deed of guarantee were valid.

Outcome

Appeal dismissed