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Supreme Court verdict tests auction of dead borrowers’ assets
A borrower died in January 2005 before his loan was fully repaid, and Housing Finance later sold the charged property by private treaty for Sh10 million.
The Supreme Court has cleared the way for an appeal expected to examine lenders’ powers and actions when a borrower dies before a mortgaged property is sold.
This follows the court’s dismissal of a bid by Housing Finance Company (K) Limited to stop Faith Wanjiru, the administrator of the estate of the late Harrison Charles Kimeriah, from pursuing the appeal in a 46-year property battle.
