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Bank recovers over four million euro in summary judgment proceedings
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High Court, in summary judgment proceedings in respect of two loans secured against properties which lost significant value and which were ultimately sold at a loss, grants summary judgment for the remainder of the money loaned to the defendant, on the grounds that there was no arguable defence in respect of arguments relating to delay, the date of accrual and the beneficial ownership of the property.
Summary judgment - plaintiff seeking judgment for over 4 million euro - in respect of two separate loan facilities to defendant - defendant seeking to have case sent to plenary hearing - on basis issues require full plenary hearing to be heard - dispute as to when cause of action commenced - Statute of Limitations, 1957 - section 65 provides cause of action accrue from date of part payment - whether there was a new agreement - whether documents exhibited under the Bankers Books Evidence Act - defendant argues that loans were not secured - that defendant didn’t actually have full title - and so defendant cannot give what he does not own - part payment under the 1957 Statute of Limitations - court notes defence untenable - one part payment is made the date of accrual of cause of action is renewed - defendant argues he should be able to make inordinate delay argument by way of plenary hearing - court finds no prospect of making arguable case - no defences made out - summary judgment granted.
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