Trusted by the judiciary, government lawyers, prosecutors, and many leading counsel. Click here to request a subscription.
Trusted by the judiciary, government lawyers, prosecutors, and many leading counsel.
Click here to request a subscription.
Bank’s charge on mortgage did not require formal registration
|
or click here to request site subscription to search and view all judgments |
High Court dismisses appeal, and affirms Circuit Court order (Flanagan J) granting a bank possession over the appellant's property in Roscommon, on the grounds that the operative legislative scheme of arrangement in place at the time of the transfer of the charge on the appellant's mortgage to the bank specifically did not require its formal registration under applicable legislation, and so the bank's power of sale now remains intact.
Appeal from Circuit Court order (Flanagan J) granting possession to respondent bank of certain premises in County Roscommon - whether interest of home loan was registered as a charge on mortgage later transferred to respondent bank - bank seeking to exercise its power of sale over property following defaults in repayment by appellant - approval of Minister for Finance permitting transfer of appellant's mortgage to respondent - scheme of arrangement - central bank legislation - transfer of security - registration of bank's interest in folio not required - legislative mechanism of transfer - transfer of charge complied with requirement of approval of Minister for Finance - transfer effected pursuant to scheme agreed by Minister - formal registration not required - appeal dismissed - bank entitled to exercise its power of sale.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
