$4M In Judgements Granted In Commercial Court
Monday, February 5th 2007 - Justice B S Roy granted more than $4M in
judgements against three loan defaulters at a recent sitting at the
Commercial Court.
Court documents show that plaintiff Citizen’s Bank Guyana Inc, on January
24, won judgment in the sum of $2,029,419, together with interest on the sum
of $1,897,907 at the rate of 7% per annum from December 8, last year until
payment, against defendant Tyron Ferrier, of 2533, Block 8 Tuschen, East
Bank Essequibo. A mortgage deed and promissory note was laid over for
cancellation.
According to the Statement of the Claim, on June 21, 2005 the defendant
executed a promissory note in favour of the plaintiffs in the principal sum
of $1,990,000, “being an amount loaned by the Plaintiffs as bankers to the
Defendant.” Under the terms of the promissory note the defendant agreed to
repay the sum together with 7% interest in 240 monthly instalments of
$15,429 from July 21, 2005 until fully paid.
The defendant also executed a certain bond and deed of first mortgage to
secure the repayment of all sums advanced by the plaintiffs to the
defendants. Attorney-at-law Morsha Johnson appeared for the plaintiff. There
was no appearance of or for the defendant.
Plaintiff Burchell Baynes by consent, won judgement in the sum of $1,250,000
against defendant Fitzroy Baynes, of 22 Ann’s Grove, East Coast Demerara.
Justice Roy ordered that interest be paid at a rate of 6% per annum from
December 8, 2006 until January 24, 2007 and thereafter at 4% until fully
paid. A stay of execution for four months was also ordered.
According to the Statement of Claim, the defendant in an agreement signed on
June 16, 2005 agreed to repay the sum of $1,500,000 to the plaintiff, his
uncle, at monthly instalments of $30,000 from July 1, 2005 until fully paid.
The Claim also said if the defendant should fail to pay any instalments,
when same becomes due, then the whole amount outstanding shall immediately
become due. The defendant also placed his property, at the said location, as
security.
The defendant has defaulted more than seven instalments up to and including
November 2006 and despite several demands for payment of the sum of
$1,250,000 the defendant has failed and or neglected to pay same.
Attorney-at-law Rishi Kissoon appeared for the plaintiff. The defendant
appeared in person.
In the case of plaintiff Gafsons Industries Limited, of Plantation Houston,
East Bank Demerara, against defendant Dwight King, of 1274 South Ruimveldt
judgement was granted for Gafsons in the sum of $1,071,636 with interest on
the said sum.
According to the Statement of Claim, King owes the said sum, being an amount
payable to the plaintiff due, based on a promissory note. It was noted that
several demands were made for payment of the balance but to no avail.
