JUDGMENT OF THE COURT
This judgment arises from the appeal to this court from the judgment of the High Court (Mutungi J) delivered at Milimani Commercial Courts at Nairobi on 10th February 2004 in Civil Suit No.212 of 2002 (in favour of the respondent and) against the appellant.
Briefly, the appellant, Savings and Loan (K) Ltd sued the respondent,
Onyancha Bw’omote, for recovery of Shs.1,079,485/70 together with compound interest thereon at variable rates from time to time as therein stated.
The appellant’s claim arose from a lending transaction in these circumstances; the appellant, a financial institution carrying on business of lending monies to members of the public, advanced to the respondent two separate loans designated as loan account number 201-896-188 and loan account number 201-924-200 which were secured by a charge over a property known as L.R Nairobi/Block 90/364 (hereinafter referred to as “the charged property”) owned by the respondent.
4. In May 1999, the respondent, to for…