Facts:

The respondent Dolmetsch Pharmacy (Nigeria) Limited is a customer of the 1st appellant bank Universal Trust Bank by virtue of which it was granted various credit facilities by the 1st appellant bank on request. As security for the various facilities, the respondent executed a deed of legal mortgage, over its estate at Nkpo–Obosi Road, Onitsha and an all assets debenture wherein it charged all its assets both present and future, including but not limited to floating assets as security for the loan. The respondent was unable to liquidate its indebtedness and this resulted in the 1st appellant bank appointing the 2nd and 3rd appellants as receivers/managers over all the assets and management of the respondent’s business.

The respondent filed an action at the Federal High Court Enugu against the appellants, accompanied by a motion ex parte for interim injunction. The learned trial Judge granted the order of interim injunction and the appellants filed a motion for the discharge of the order of interim injunction. The learned trial Judge refused to do so and the appellant bank appealed to the Court of Appeal where the appeal was dismissed. It then appealed further to the Supreme Court