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Receiver did not sell property below market value
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High Court grants a bank an order for summary judgment in the sum of €98,213.55 against two defendant borrowers, on the grounds that although there was a discrepancy in the amount credited to the borrowers' mortgage account, the receiver did not sell the property below market value, and there was therefore no arguable defence to the claim.
Bank’s motion for summary judgment against the defendants in the sum of €98,213.55 - defendants borrowed €225,000 in January 2007 - by letter of demand dated 12th December, 2013, the plaintiff requested payment of all monies due - summary summons issued on 9th July, 2014 and the special endorsement of claim thereto claimed the sum of €186,127.96 as due and owing by way of principal and interest as of 19th June, 2014 - a receiver was appointed and property sold - in May 2015 amount owing was €95,998.57 - defendants issued plenary proceedings against plaintiff - discrepancy between the sale price achieved for the property (€91,600) and the sum credited to the defendants’ mortgage account (€91,830.13) - sum of sale was not less than marketable value - no arguable defence - final judgment of €98,213.55 granted.
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