JUDGMENT OF THE COURT
This appeal arises from the Judgment of Tuiyot J. delivered on 29th November, 2017.
The background to the appeal is that on 10th July, 1992, the 1st appellant, Mwambeja Ranching Company executed a legal charge over L.R. No. 16659 (C.R No. 22939) Taita Taveta (the suit property) in favour of the respondent, Kenya National Capital Corporation to secure the sum of Kshs.30,000,000. The 1st appellant was a guarantor to the 2nd appellant, (Project Advisory Services Limited) who was the principle debtor.
Upon default of payment, the 1st appellant filed diverse suits to prevent the bank from exercising its statutory power of sale. A compromise of the debt was reached in Milimani HCCC No. 225 of 1998 on 22nd July 1998, and parties agreed by consent that the appellant would pay the respondent Ksh.22,083,908 in three installments, the last of which was to be paid by 31st December 1998.
In default of payment of any installment on its due date, the Respondent was at liberty to ex…