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Consumer protection legislation did not apply to disputed bank loan
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Court of Appeal dismisses appeal from High Court, and upholds order for summary judgment in favour of plaintiff bank arising from loan agreement in the sum of €1,859,734.31, on the grounds, inter alia, that consumer protection legislation did not apply to the loan under consideration or its predecessors, and that an argument that there was no consideration by way of forbearance to sue on the part of the bank must also fail.
Summary judgment – appeal of judgment to the plaintiff bank arising from loan agreement in the sum of €1,859,734.31 – summary summons proceeding for a liquidated claim adjourned to a full plenary hearing on oral evidence must satisfy the court on affidavit that he/she has a bona fide defence – whether it was very clear that the defendant had no defence to the claim – non-Compliance with s. 30 of the Consumer Credit Act, 1995 – 'housing loan' – non-stamping of the Solicitor’s Letter of Undertaking – Land Law in Ireland (2nd ed.) by Andrew Lyall – equitable mortgages – whether the solicitor’s undertaking created an equitable charge over the property in question – undue influence – duress – misrepresentation – non-compliance with Consumer Protection Code, 2006 – whether the bank failed to comply with the Code by failing to carry out any product suitability assessment when deciding to offer extensions and renewals of the loan facility – appeal dismissed.
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