Samuel Moyo v Ecobank Zimbabwe Limited

HH 814-18

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Case Details

Court

Harare High Court

Date

12 December 2018

Citation

HH 814-18

Neutral Citation

[2018] ZWHH 814

Outcome

unknown

Case Type

Application

Bench

Presiding

TAGU J

Full Bench

TAGU J

Areas of Law

Banking and Finance LawCivil Procedure

Keywords

Frivolous and vexatiousRule 75(1)SuretyJoint and several liabilityDeed of settlement

Key Issues

{"issue_text":"Whether the action against the applicant is frivolous and vexatious under Rule 75(1)","issue_type":"procedural","dispositive":"yes","related_facts":"Applicant signed surety agreement; debt remains outstanding; deed of settlement with co-surety"}
{"issue_text":"Whether the deed of settlement with one co-surety absolves other sureties from joint and several liability","issue_type":"law","dispositive":"yes","related_facts":"Joint and several liability; deed of settlement with Paul Denslow; debt not fully paid"}

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background

Facts of the Case

Background

The respondent bank extended a US$120,000 loan facility to Centra Foods (Private) Limited. The applicant signed a surety agreement making him jointly and severally liable for the debt. When Centra Foods defaulted, the bank sued both the company and the sureties. One surety (Paul Denslow) entered into a deed of settlement with the bank, but had not paid in full at the time of this application. The applicant sought dismissal of the action against him claiming the settlement absolved all sureties.

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