Source: All England Reporter
Publisher Citation: [2002] All ER (D) 63 (Jul)
Court: Commercial Court
Judge:

Tomlinson J

Representation Mark Hapgood QC and Jasbir Dhillon (instructed by Middleton Potts) for the claimant.
  Victor Lyon QC and Salim Moollan (instructed by Curtis Davis Garrard) for the bank.
Judgment Dates: 4 July 2002

Catchwords

Negligence - Duty to take care - Existence of duty - Sale by bank of drillship vessel under ship's mortgage - Bank entering into project finance agreement with purchaser of vessel - Whether bank in breach of duty to claimant to act in good faith and sell vessel for sole purpose of securing repayment under mortgage - Whether bank owing duty regarding number of brokers and timing of sale.

The Case

An action by the former owner of a dynamic drillship against the bank who had sold the vessel under the terms of a mortgage agreement was dismissed on the facts; the bank had not acted in bad faith or in breach of its obligations under the mortgage and loan agreement.

Practice Areas

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