Keane -v- Allied Irish Bank plc [2016] IEHC 609 (08 November 2016)

Keane -v- Allied Irish Bank plc [2016] IEHC 609 (08 November 2016)

The plaintiff's claim is bound to fail because the assignment only transferred the benefit of the put and call option agreement, not the burden; the plaintiff has no actionable interest after assignment; no valid put and call option agreement was assigned; and the plaintiff failed to exercise the option in accordance with the agreement's terms.

Citation
[2016] IEHC 609
Parties
Plaintiff/respondent: Patrick M. Keane; Defendant/applicant: Allied Irish Banks plc
Jurisdiction
Ireland
Judgment Date
08 November 2016
Procedural Posture
Plenary Proceedings (specific Performance) / Application to Strike Out Claim (inherent Jurisdiction)
Outcome
Plaintiff's claim dismissed as unsustainable and bound to fail.
Legal Topics
Assignment of Contract, Specific Performance, Put and Call Options, Inherent Jurisdiction to Strike Out, Security for Loans
Contract Law Banking Law Civil Procedure Assignment of Contract Specific Performance Put and Call Options Inherent Jurisdiction to Strike Out Security for Loans

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Parties

Patrick M. Keane

Plaintiff/respondent

Allied Irish Banks plc

Defendant/applicant

Procedural Posture

Plenary Proceedings (specific Performance) / Application to Strike Out Claim (inherent Jurisdiction)

Legal Issues

  1. 1 Whether the assignment of a put and call option agreement to the bank included both benefits and burdens or only benefits
  2. 2 Whether the plaintiff had locus standi to seek specific performance after assignment
  3. 3 Whether the plaintiff exercised the put option in accordance with the agreement

Ratio Decidendi

The plaintiff's claim is bound to fail because the assignment only transferred the benefit of the put and call option agreement, not the burden; the plaintiff has no actionable interest after assignment; no valid put and call option agreement was assigned; and the plaintiff failed to exercise the option in accordance with the agreement's terms.

Court Disposition

Plaintiff's claim dismissed as unsustainable and bound to fail.

Orders

  • Plaintiff's claim struck out pursuant to the Court's inherent jurisdiction.