UAE 19/25, 121/25
Type
Case
Court
UAE Federal Supreme Court
Jurisdiction
Sharjah, United Arab Emirates
Taxonomy
Financial Institutions, Guarantees, Auction, Civil Evidence, Regulatory Compliance, Lending & Security
Copyright
LexisNexis
Decision date
23 May 2006
Catchwords
Auction – Evidence – Expert – Bank – Debt – Guarantor
This case involved a request to stop a bank's auction of a property. The property owner was the guarantor of the debtor. However, the expert had been wrong not to distinguish between what was owed by the debtor and amounts previously owed by the guarantor which had been settled.
Background
Some Plaintiffs, who were users of a bank facility, filed proceedings before the Sharjah Court of First Instance under roll (225/2000) seeking the estoppel an auction of the second Plaintiff's property by a bank (the Defendant) and the appointment of an expert to determine the amount of the credit facility issued in favour of the First Plaintiff against the guarantee of the Second Plaintiff.
The Plaintiff's clarified that the First Plaintiff had acquired a credit facility from the bank, guaranteed by the property of the Second Plaintiff.
Proceedings
Sharjah Court of First Instance - Decision No 225 of 2000