||All England Reporter
|| All ER (D) 262 (Apr)
|| EWHC 721 (Ch)
Philip Sales QC sitting as a deputy judge of the High Court
||Amanda Tipples (instructed by Lovells LLP) for the claimant.
||The second defendant appeared on behalf of the defendants.
||18 April 2008
Mortgage - Repayment - Demand - First claimant advancing funds to defendants by way of re-mortgages of various properties - Loan agreements permitting first claimant to demand immediate repayment in event of defendants failing to adhere to terms of agreements - First claimant appointing second and third claimants as receivers of properties following defendants' failure to satisfy demand for immediate repayment of loans - Whether first claimant entitled to appoint receivers.
Where the first claimant had appointed the second and third claimants as receivers of properties owned by the defendants which had been used as security for loan facilities, it was held that the first claimant had been entitled to so appoint receivers on the basis that, on the evidence, the defendants had been in breach of the terms of their loan agreements, thereby triggering the first claimant's right to demand immediate repayment. Following the defendants' failure to satisfy those demands, the first claimant was entitled to appoint receivers pursuant to the terms of the legal charges executed by the defendants in respect of the properties.
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