Source: All England Reporter
Publisher Citation: [2001] All ER (D) 350 (Jul)
Court: Court of Appeal, Civil Division
Judge:

Lord Woolf CJ, Tuckey and Arden LJJ
Representation Alastair Norris QC (instructed by Bond Pearce) for the solicitors.
  Elizabeth Gloster QC and David Wolfson (instructed by TLT Solicitors) for the bank.
Judgment Dates: 25 July 2001

Catchwords

Mortgage - Sale - Application of proceeds - Claim by second mortgagee for surplus proceeds of sale under individual voluntary arrangement - Bank failing properly to register charge - Judge finding bank having proprietary interest in proceeds of sale of mortgaged property - Whether judge in error.

The Case

In an action where a second mortgagee had failed to register its legal charge over the mortgaged property, and the mortgagor subsequently sold the mortgaged property without discharging the second mortgagee's legal charge, the second mortgagee had a security interest in the proceeds of sale by virtue of the operation of the principle that the mortgagor had a right to accretions to and substitutions for the mortgaged property.

Practice Areas

If you are a LexisLibrary subscriber you can read more about this case here.

Lexis®Library

  • The All England Law Reports comprises judgments with headnotes and catchwords indicating the area of law and key issues of the case prepared by legally qualified editorsFind AllER Reports
  • Cases related to this particular case that are related to, or discuss this caseView related cases
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView related commentary