Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



FIRST ATLANTIC BANK LIMITED
V.
LOGWOOD INDUSTRIES LIMITED & ANOR

(2016) JELR 63667 (HC)    
High Court  ·  SUIT NO.BFS/150/13 ·  29 Jan 2016 ·  Ghana
CORAM
ANGELINA MENSAH-HOMIAH (MRS.) JUSTICE OF THE HIGH COURT

Ratio Decidendi

Core Terms Beta
plaintiff
account
counsel
1st defendant
company
exhibit c
plaintiff's representative
exhibit b
additional facilities
d facility
exhibit f
instant action
managing director
facility letter
limitations act
overdraft facility
1st defendant company
action of the plaintiff
bank's prevailing lending rate
final payment
initial o
plaintiff's case
plaintiff's cause
statement of account
accumulated interests
analysis of the evidence
close of its financial year
debt recovery manager of the plaintiff bank
defendants case
defendants indebtedness
details of his testimony
exhibit e
face of exhibit c
face of the detailed statement of account
first atlantic merchant bank limited
kumasi branch manager of the plaintiff bank
monthly installment payments
negotiable certificate of deposit of gh
plaintiff company
plaintiff's exhibit a
record shows
release of the said monies
separate legal existence
statement of claim
virtue of the fact

JUDGMENT

MENSAH-HOMIAH (MRS.) J.

First Atlantic Bank Limited, formerly known as First Atlantic Merchant Bank Limited, instituted the instant action against Logwood Industries Ltd and K.N. Poku, its Managing Director, claiming an amount of three hundred and thirteen thousand, ninety-six Ghana Cedis and eighty-three pesewas (GH¢313,096.83). Per the endorsement on its amended writ of summons and statement of claim filed on 18/11/2014, the Plaintiff sought to recover this amount plus interest at the bank's prevailing lending rate from 2nd February, 2013 to the date of full and final payment.

It is the Plaintiff's case that it granted an overdraft facility in the sum of Seventy thousand Ghana Cedis (GH¢70,000.00), previously seven hundred million Cedis (¢700,000,000.00), to the 1st Defendant by a facility letter dated 31st May, 2005. The 1st Defendant run into excesses which the Plaintiff agreed to operate as additional facilities on the same terms as the principal facility. The facility was …

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