RBTT Bank Caribbean Limited v Julius Pierre

THE EASTERN CARIBBEAN SUPREME COURT SAINT VINCENT AND THE GRENADINES IN THE HIGH COURT OF JUSTICE SVGHCV2019/0046 BETWEEN RBTT BANK CARIBBEAN LIMITED CLAIMANT AND JULIUS PIERRE DEFENDANT Appearances: Mrs. Lakeisha John-Farrell for the claimant. Mr. Israel Bruce with him Ms. Kensha Theobalds for the defendant. ------------------------------------------ 2019: Jul. 31 Aug. 14 ------------------------------------------- JUDGMENT BACKGROUND

[1]Henry, J.: RBTT Bank Caribbean Limited (‘the bank’) is a licensed financial institution operating in Saint Vincent and the Grenadines. It provides banking services including loans to members of the public. Mr. Julius Pierre is one of its customers. Mr. Pierre obtained a loan from the bank in April 2004 for the sum of $56,300.00. He defaulted in repaying it. The Bank brought this claim1 to recover the balance of the loan sum with interest, penalties, court fees and costs. Mr. Pierre did not dispute the claim. Judgment is accordingly entered for the bank.

ISSUES

[2]The issues are: (1) Whether Julius Pierre is liable to the bank in respect of the mortgage debt? and (2) To what remedies is the bank entitled?

Is Julius Pierre liable to the bank in respect of the mortgage debt?

[3]A summary trial was held2. Mr. Andrew Robertson is employed by the bank as its Retail Banking Associate. He gave evidence at the trial, on the bank’s behalf. He was not cross-examined. His testimony is accepted and established the bank’s claim against Mr. Pierre.

[4]Mr. Pierre secured the loan by way of a mortgage over his property at Petit Bordel. The mortgage was registered by Deed of Mortgage No. 1605 of 2004. Due to Mr. Pierre’s non-payment over a period of time, the balance outstanding as at October 22nd 2018 was $63,242.31. The bank caused is lawyer to write3 to Mr. Pierre demanding repayment of the debt. He failed to do so. By February 13th 2019 the debt had increased to $62,863.66. Interest was being accrued at the yearly interest rate of 8%. Mr. Pierre’s default continued.

[5]The bank claimed the sum of $68,050.00 with interest at the daily rate of $9.24 with effect from the date of the claim. Mr. Robertson was unable to state whether the balance remained the same up to the trial date. I am satisfied that Mr. Pierre is liable to the bank for the full amount owed on the loan with interest and penalty fees. I so find.

Issue 2 - To what remedies is the bank entitled?

[6]Having established its claim on a balance of probabilities, the bank is entitled to recover its debt at the agreed interest rate of 8%. The associated penalty fees, charges, expenses and legal costs as claimed are also recoverable in accordance with the contractual stipulations in the mortgage and applicable rules of court. The bank indicated and I accept that the principal amount due as at October 22nd 2018 was $43,663.55, interest of $18,138.08 and penalty interest of $1440.68. It claimed penalties of $1,601.83, court fees of $115.00, fixed costs of $1,000.00 and costs, charges and expenses of $4,071.58, a total of $70,030.82. Mr. Pierre is ordered to repay those sums. He is also required to pay interest on the judgment in accordance with the law.

[7]Judgment is therefore entered for the bank in the sum of $70,030.824 being principal of $43,663.554, interest of $18,138.084 and penalty interest of $1440.684; penalties of $1,601.835, court fees of $115.005, fixed costs of $1,000.005 and costs, charges and expenses of $4,071.585 with interest at the agreed rate of 8% per annum. Mr. Pierre must pay the bank its fixed costs pursuant to the Civil Procedure Rules 2000 (‘the CPR’). The bank has already been credited $1000.00 based on the sum entered on the claim form. An additional $500.00 is payable6.

ORDERS

[8]It is accordingly ordered: 1. Judgment is entered for the RBTT Bank Caribbean Limited in the amount of $69,030.82 being being principal of $43,663.55, interest of $18,138.08, penalties of $1,601.83, penalty interest of $1440.68; court fees of $115.00, and costs, charges and expenses of $4,071.58. 2. Julius Pierre shall pay to the RBTT Bank Caribbean Limited interest on the judgment debt at the agreed rate of 8% per annum from the date of judgment until full satisfaction. 3. Julius Pierre shall pay fixed costs of $1500.00 to the RBTT Bank Caribbean Limited, pursuant to CPR 65.4, App. A paragraph (3).

Esco L. Henry

HIGH COURT JUDGE

By the Court

Registrar

THE EASTERN CARIBBEAN SUPREME COURT SAINT VINCENT AND THE GRENADINES IN THE HIGH COURT OF JUSTICE SVGHCV2019/0046 BETWEEN RBTT BANK CARIBBEAN LIMITED CLAIMANT AND JULIUS PIERRE DEFENDANT Appearances: : Mrs. Lakeisha John-Farrell for the claimant. Mr. Israel Bruce with him Ms. Kensha Theobalds for the defendant. —————————————— 2019: Jul. 31 Aug. 14 ——————————————- JUDGMENT BACKGROUND

[1]Henry, J.: RBTT Bank Caribbean Limited (‘the bank’) is a licensed financial institution operating in Saint Vincent and the Grenadines. It provides banking services including loans to members of the public. Mr. Julius Pierre is one of its customers. Mr. Pierre obtained a loan from the bank in April 2004 for the sum of $56,300.00. He defaulted in repaying it. The Bank brought this claim.

[1]to recover the balance of the loan sum with interest, penalties, court fees and costs. Mr. Pierre did not dispute the claim. Judgment is accordingly entered for the bank. ISSUES

[2]The issues are: (1) Whether Julius Pierre is liable to the bank in respect of the mortgage debt? and (2) To what remedies is the bank entitled? Is Julius Pierre liable to the bank in respect of the mortgage debt?

[3]A summary trial was held

[4]Mr. Pierre secured the loan by way of a mortgage over his property at Petit Bordel. The mortgage was registered by Deed of Mortgage No. 1605 of 2004. Due to Mr. Pierre’s non-payment over a period of time, the balance outstanding as at October 22 nd 2018 was $63,242.31. The bank caused is lawyer to write

[5]The bank claimed the sum of $68,050.00 with interest at the daily rate of $9.24 with effect from the date of the claim. Mr. Robertson was unable to state whether the balance remained the same up to the trial date. I am satisfied that Mr. Pierre is liable to the bank for the full amount owed on the loan with interest and penalty fees. I so find. Issue 2 – To what remedies is the bank entitled?

[6]Having established its claim on a balance of probabilities, the bank is entitled to recover its debt at the agreed interest rate of 8%. The associated penalty fees, charges, expenses and legal costs as claimed are also recoverable in accordance with the contractual stipulations in the mortgage and applicable rules of court. The bank indicated and I accept that the principal amount due as at October 22 nd 2018 was $43,663.55, interest of $18,138.08 and penalty interest of $1440.68. It claimed penalties of $1,601.83, court fees of $115.00, fixed costs of $1,000.00 and costs, charges and expenses of $4,071.58, a total of $70,030.82. Mr. Pierre is ordered to repay those sums. He is also required to pay interest on the judgment in accordance with the law.

[7]Judgment is therefore entered for the bank in the sum of $70,030.82 being principal of $43,663.55

[4], interest of $18,138.08 and penalty interest of $1440.68 ; penalties of $1,601.83

[8]It is accordingly ordered:

[6]. ORDERS

1.Judgment is entered for the RBTT Bank Caribbean Limited in the amount of $69,030.82 being being principal of $43,663.55, interest of $18,138.08, penalties of $1,601.83, penalty interest of $1440.68; Court fees of $115.00, and costs, charges and expenses of $4,071.58.

2.Julius Pierre shall pay to the RBTT Bank Caribbean Limited interest on the judgment debt at the agreed rate of 8% per annum from the date of judgment until full satisfaction.

[2]. Mr. Andrew Robertson is employed by the bank as its Retail Banking Associate. He gave evidence at the trial, on the bank’s behalf. He was not cross-examined. His testimony is accepted and established the bank’s claim against Mr. Pierre.

[3]to Mr. Pierre demanding repayment of the debt. He failed to do so. By February 13 th 2019 the debt had increased to $62,863.66. Interest was being accrued at the yearly interest rate of 8%. Mr. Pierre’s default continued.

[5], court fees of $115.00 , fixed costs of $1,000.00 and costs, charges and expenses of $4,071.58 with interest at the agreed rate of 8% per annum. Mr. Pierre must pay the bank its fixed costs pursuant to the Civil Procedure Rules 2000 (‘the CPR’). The bank has already been credited $1000.00 based on the sum entered on the claim form. An additional $500.00 is payable

3.Julius Pierre shall pay fixed costs of $1500.00 to the RBTT Bank Caribbean Limited, pursuant to CPR 65.4, App. A paragraph (3). Esco L. Henry HIGH COURT JUDGE By the Court Registrar

[1]By Fixed Date Claim Form filed on 22 nd February 2019.

[2]On July 31 st 2019.

[3]By letter dated 22 nd October 2018.

[4]As at 22 nd October 2018.

[5]As at 22 nd February 2019.

[6]Pursuant to CPR 65.4 and Appendix A paragraph (3).