Source: All England Reporter
Publisher Citation: [2013] All ER (D) 336 (Oct)
Neutral Citation: [2013] EWCA Civ 1283
Court: Court of Appeal, Civil Division

Rimer, Lewison LJJ and Silber J

Representation Adam Deacock (instructed by Davenport Lyons) for the applicants.
  Charlotte Cooke (instructed by Freshfield Bruckhaus Deringer LLP) for the respondents.
Judgment Dates: 3 October 2013


Equity - Marshalling - Charge - Subrogation - Marshalling of securities held over property - Creditors seeking to invoke doctrine of marshalling where doubly-secured creditor having one charge over property belonging to debtor and another charge over property owned by party who was liable for the debt - Judge finding creditor with single charge being subrogated to contractually modified rights of debtor - Single charge creditor unable to exercise rights until doubly-secured creditor paid in full - Creditor with single charge appealing - Whether contractual modification applying to or restricting right to require doubly-secured creditor to marshall its securities.

The Case

Equity Marshalling. The Court of Appeal, Civil Division, gave consideration to the established authorities around the principle of marshalling and its extended form.

Practice Areas

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