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Registered lien valid for securing post-2009 advances by bank
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The Court of Appeal allowed an appeal from the High Court, and determines that a registered lien can secure loan advances made after the 31st of December, 2009. The original court had ruled that Promontoria could not rely on its registered liens for further advances made beyond this date. However, the Court of Appeal found that there was no legislative impediment to using the registered security for later advances, as the lien's characteristics, both prior to and after its registration (under section 73 of the Registration of Deeds and Title Act 2006) remained consistent with securing future advances.
Court of Appeal, Registered Lien, Security for Advances, Registration of Deeds and Title Act 2006, Section 73, Promontoria, High Court, Overturned Decision, Transitional Provision, Land Law, Creditors and Debtors, Equitable Mortgage, Land Registration, Universal Land Registration System, Burden Registration, Future Lending, Land Certificate, Certificate of Charge, Well Charging Order.
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.
