According to Black's Law Dictionary, 5th Ed defines the verb waive to mean.
"To abandon, throw away, renounce> repudiate> or surrender a claim, a privilege> a right, or the opportunity to take advantage of some defect, irregularity; or wrong. To give up right or claim voluntarily." A person is said to waive a benefit when he renounces or disclaims it, and he is said to waive a tort or injury when he abandons the remedy which the law gives him for it.
In order for one to "waive" a right, he must do it knowingly and be possessed of the facts." (Underlining mine)
According to the above definition the respondent did not voluntarily give up their right to claim interest after the money had been deposited in court.
In my view the respondent did not waive its right to be paid interest. The sum of shs. 1,110,595,410/= which was paid in court was for the benefit of the appellant to stay execution and pursue its appeal in the Supreme Court to conclusion. It is the appellant who applied for stay of execution in this court and not the respondent.
As already pointed out part of the order of this court reads:
"ON CONDITION that the applicant deposits the sum of Ug shs 1,110,595,410/ with the Registrar of this court within 30 days from 22-12-2007. The sum will be paid to respondent (the present appellant) in the event the intended appeal to this court fails. This
order will last till disposal of the appeal or until further orders are made."