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Harare High Court
Trust Bank Corporation Limited In Liquidation v Dick Paradzai Utsiwegota N.O
HH 566-17
Case Details
Court
Harare High Court
Date
30 August 2017
Citation
HH 566-17
Neutral Citation
[2017] ZWHH 566
Outcome
unknown
Case Type
Trial
Bench
Presiding
MUREMBA J
Full Bench
MUREMBA J
Areas of Law
Contract Law
Law of Succession
Keywords
suretyshipmortgage bondliquidationexecutordefault interest
Tags
debt recoveryinterest ratedeed of settlement
legislation
Statutes Cited
- Prescribed rate of Interest Act
- High Court Rules, 1971
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the defendant is liable to pay interest at the rate of 46.16% per annum or at the rate of 5% per annum.","issue_type":"law","dispositive":"yes","related_facts":"The deed of settlement silence on interest rate; the default clause referencing interest; the original summons claiming 46.16%."}
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background
Facts of the Case
Background
The plaintiff extended a credit facility to Moonrock Services (Pvt) Ltd, secured by a suretyship from the late Tobias Utsiwegota and mortgage bonds over his property. After default and a subsequent deed of settlement, the defendant (as executor of the deceased's estate) disputed liability for interest at the contract rate of 46.16% per annum, arguing that the deed of settlement was silent on interest and the statutory rate of 5% should apply.
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