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School owners lose property over loan
In her ruling, Justice Odongo affirmed that once a mortgagee has lawfully exercised its statutory power of sale and complies with the notice requirements, eviction and vacant possession must follow even where borrowers raise parallel suits alleging irregularities.
On February 18, 2020, Cairo Bank granted a loan facility of sh412m to the school owners at an interest rate of 22% per annum, payable within 60 months. (Credit: Wilfred Sanya)
By: Farooq Kasule, Journalists @New Vision
KAMPALA - The proprietors of Kisugu Preparatory School in Kampala will have to either pay rent or look for another property