Bank sues dead man’s Estate

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The CBZ Bank Limited has filed an application suing the Estate of Late Moses Mahukamwe and IQ Marketing (PVT) Limited over an overdraft of $50 000.

The CBZ filed an application at the Bulawayo High Court on October 21. In a founding affidavit Noah Chakara the head of recoveries and collections at the CBZ stated that the bank and the Estate of Mahukamwe on May 5 2010 at Harare entered into a written overdraft agreement to the tune of $50 000.

The overdraft was for a period of six months expiring on October 31 2010.
An interest of 8 percent per year plus 4% establishment fees to be charged upon acceptance of facilities.

The bank submitted that the Estate of Mahukamwe have failed to settle the over draft and interest as per agreement despite demand.

The bank prayed for an order compelling the respondent to pay the overdue amount.

Source : Bulawayo24

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