The plaintiff commenced this action against the defendant, a financial institution, for declaration that the defendant breached its contract when it refused to disburse an amount. Secondly, the suit is for an order of specific performance to disburse the funds. Alternatively, the plaintiff prays for an order for return of certificates of title deposited by the plaintiff’s directors to secure the loan. It is also for consequential orders for cancellation of the defendant's mortgage registered on the certificates of title, general damages, aggravated damages, interests and costs of the suit.
- The plaintiff cannot be awarded specific performance by ordering the defendant to pay general damages; because there is no evidence on record to show that the plaintiff had to borrow money elsewhere at higher interest to be able to claim for the difference.
- The defendant shall reimburse the plaintiff for all the expenses for registration of mortgage, legal costs for rectification of the names in the plot along with interest at court rate.