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The High Court granted summary judgment in favour of the lender, allowing for the recovery of the outstanding loan balance from the borrowers. The decision was based on the borrowers' failure to repay the loan according to the agreed terms, despite acknowledging their indebtedness and having made an offer to pay the arrears. The court found no credible defense against the lender's claim, as the borrowers' arguments were either technical, lacked evidence, or were mere assertions. The court also confirmed the transfer of the loan to the lender was effective and dismissed the borrowers' contention that the loan remained on the original lender's books after the transfer date.
Summary judgment, mortgage loan default, loan repayment failure, credible defense, loan transfer, lender's rights, borrower's acknowledgment of debt, arrears, financial statements, prima facie evidence, Harrisrange principles, Mars Capital Finance Ireland DAC, AIB Mortgage Bank, Deed of Transfer, transition period, loan agreement terms, unfair contract terms, Civil Law (Miscellaneous Provisions) Act 2020, admissibility of business records, High Court.
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.
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