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Supreme Court
NMB Bank Limited v Formscaff (Private) Limited & 6 Ors
SC 31/22
Case Details
Court
Supreme Court
Date
25 February 2022
Citation
SC 31/22
Neutral Citation
[2022] ZWSC 31
Outcome
unknown
Case Type
Appeal
Bench
Presiding
GUVAVA JA
Full Bench
GARWE JAPATEL JAGUVAVA JA
Areas of Law
Banking LawCommercial LawCivil Procedure
Keywords
Loan facilitySurety agreementsMortgage bondsAbsolution from instancePrima facie case
Tags
BankingLoan AgreementSuretyshipMortgage BondsAbsolution from Instance
legislation
Statutes Cited
- Money-lending and Rates of Interest Act
- High Court Rules, 1971
- Supreme Court Rules, 2018
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the court a quo erred in granting absolution from the instance","issue_type":"procedural","dispositive":"yes","related_facts":"Appellant's evidence of loan transaction and banking history"}
- {"issue_text":"Whether a prima facie case was established by the appellant","issue_type":"mixed","dispositive":"yes","related_facts":"Accounting entries and witness testimony"}
- {"issue_text":"Whether the court could grant counterclaims not properly pleaded","issue_type":"procedural","dispositive":"no","related_facts":"Only second respondent filed claim in reconvention"}
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background
Facts of the Case
Background
The appellant bank sued respondents for repayment of a loan facility of US$389,362.72 advanced in November 2015. The High Court granted absolution from instance, finding the loan repaid and suretyships invalid. The Supreme Court allowed the appeal, finding a prima facie case established.
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