Civil Case No.9 of 1997
BETWEEN:
ANZ BANK (Vanuatu) LTD
Plaintiff
AND:
JOHN NOEL
Defendant
Cor. Mataskelekele J
C.Thomas - Clerk
Saling Stephens for the
plaintiff
1">
Joel Noel, defendant in person
class="MsoNoMsoNormal" align="center" style="text-align: center; margin-top: 1; margin-bottom: 1">
JUDGEMENT
Introduction
(a) ; OJ 17 19ly the, the
plaintifintiff entered into a loan agreement with Mr Lulu Livo, the borrower. On
the same date a guarantee was signed between the plaintiff and the defendant
that the plaintiff under which the plaintiff advanced
VT1,080,537 to the
borrower.
(b) p; Tre bor ower
defaultfaulted in his repa repayment of the sum borrowed, and as a consequence the
defendant
as guarantor became indebted to the plaintiff. On 12 December
1996, the amount owing by the defendant to the plaintiff was
VT.764,961.
(c) &nnbsp;; bsp; On 12 December 1996
the the plaintiff served a notice of demand on the defendant for payment of sum
of vt764,961 with accrued interest at 16% per annum.
(d) &nbbsp; The defendant has nhas not
paid the outstantstanding debt demanded.
(e) &nbssp; &nsp; A specially Endorse Writ Writ of Summons and statement of claim of the plaintiff dated 19 June 1997
was
filed on the same date.
(f) &nbbsp;&&nsp;; Tsp; The coue court hearing
took place on 8 July 1997.
&
Issue
The first issue is whether the
defendant is legally bound to repay the debt guaranteed by him.
The second issue is whether the
plaintiff may seize and convert the defendant's leasehold title
No.03/0I72/068 as payment
for the defendant's debt.
Decision:
The decision of the court is as
llows:
1. &nbssp; &nsp; The defe dant legally ally bound to pay to the plaintiff the outstanding debt of vt764,961 as
well
as 16% per annum of that debt commencing froDecem996.
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2. &nbssp;&nnbsp;&nsp; & sp;& The document s
by the defendant on 17 July 1992 acknowledging his deposit of Lease
Title
No.03/0I72/008 with tainties nount to a mortgage agreement
and dand does noes not entitle the plaintiff to seize
thee the said title as security for
the defendant's debt to the plaintiff.
Dated the 29th Day of August
1997.
K. Mataskelekele
Judge
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