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Harare High Court
Tetrad Investment Bank Limited v West Property Company (Private) Limited & 3 Ors
HH 440-17
Case Details
Court
Harare High Court
Date
19 July 2017
Citation
HH 440-17
Neutral Citation
[2017] ZWHH 440
Outcome
unknown
Case Type
Application
Bench
Presiding
Mushore J
Full Bench
Mushore J
Areas of Law
Banking LawCommercial LawCivil Procedure
Keywords
PrescriptionMortgage BondLoan FacilityWorking CapitalSurety
Tags
BankingLoan AgreementMortgage BondPrescriptionSpecial Plea
legislation
Statutes Cited
- Prescription Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the plaintiff's claim had prescribed under the Prescription Act","issue_type":"procedural","dispositive":"yes","related_facts":"Loan due 30 November 2012, action instituted 20 July 2016, debt secured by mortgage bond"}
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background
Facts of the Case
Background
The plaintiff bank provided a US$3 million loan facility to the first defendant on 23 November 2012, secured by a mortgage bond and sureties. When the defendants failed to repay, the plaintiff instituted action on 20 July 2016. The defendants raised a special plea of prescription, arguing the claim was time-barred after 3 years, while the plaintiff contended that the 30-year prescription period applied because the debt was secured by a mortgage bond.
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