Barclays Bank Plc v L. Londell McMIllan

Barclays Bank Plc v L. Londell McMIllan

The Loan Agreement clearly made Mr McMillan the borrower personally liable for repayment; the agreement was not a sham; non-receipt of proceeds did not affect liability as the Firm was his agent for drawdown; there was no misrepresentation or unremedied event of default; the relationship was not unfair under the Consumer Credit Act; and the Bank owed no duty to advise Mr McMillan.

Parties
Claimant: Barclays Bank PLC; Defendant: L. Londell McMillan
Jurisdiction
England and Wales
Judgment Date
09 June 2015
Procedural Posture
Civil (commercial) / Judgment After Trial
Outcome
Judgment for the claimant
Legal Topics
Loan Agreements, Personal Liability of Partners, Sham Transactions, Unfair Debtor Creditor Relationships, Misrepresentation, Breach of Duty to Advise
Contract Law Banking Law Consumer Credit Loan Agreements Personal Liability of Partners Sham Transactions Unfair Debtor Creditor Relationships Misrepresentation +1 more

Case Brief

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Parties

Barclays Bank PLC

Claimant

L. Londell McMillan

Defendant

Procedural Posture

Civil (commercial) / Judgment After Trial

Legal Issues

  1. 1 Whether Mr McMillan is personally liable for repayment of the loan under the Loan Agreement
  2. 2 Whether the Loan Agreement was a sham
  3. 3 Whether non-receipt of loan proceeds by Mr McMillan affects liability

Ratio Decidendi

The Loan Agreement clearly made Mr McMillan the borrower personally liable for repayment; the agreement was not a sham; non-receipt of proceeds did not affect liability as the Firm was his agent for drawdown; there was no misrepresentation or unremedied event of default; the relationship was not unfair under the Consumer Credit Act; and the Bank owed no duty to advise Mr McMillan.

Court Disposition

Judgment for the claimant

Orders

  • Mr McMillan to pay the principal sum of US$540,000 plus interest to be quantified following judgment.