BROBBEY JA.: The facts which gave rise to the litigation between the parties to this case are as follows: One Charles Oduro Newman and Kwadwo Adom Isaac jointly took a loan from the First Ghana Building Society to build a house on plot No 4, Block 9A, Dadiesoaba in Kumasi. The house thus became jointly owned by the two men. As security for the repayment of that loan, they mortgaged the house to the First Ghana Building Society hereinafter referred to as the building society. According to the first plaintiff witness, who was one of the joint owners, they were to repay the loan by monthly instalments of £40.
The loan was taken from the building society in 1959. The repayment fell into arrears. By 1964 the two mortgagors jointly owed £500 on the monthly repayments in addition to the outstanding capital of £2050. The building society threatened to sell the house.
In these circumstances, the two mortgagors approached one Kwasi Nyieni for financial assistance. Nyieni was a moneylender. From t…