||All England Reporter
|| All ER (D) 350 (Jul)
||Court of Appeal, Civil Division
Lord Woolf CJ, Tuckey and Arden LJJ
||Alastair Norris QC (instructed by Bond Pearce) for the solicitors.
||Elizabeth Gloster QC and David Wolfson (instructed by TLT Solicitors) for the bank.
||25 July 2001
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.
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.
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