Freeman -v- Bank of Scotland PLC & ors [2016] IESC 14 (15 March 2016)

Freeman -v- Bank of Scotland PLC & ors [2016] IESC 14 (15 March 2016)

The Bank of Scotland PLC, as successor to BOSI by cross-border merger, was contractually entitled to appoint a receiver over the appellants' properties notwithstanding non-registration as owner of the charge; the securitisation and non-registration did not invalidate the appointment or the charge; any potential title issues for purchasers do not affect the validity of the receiver's appointment or the charge.

Citation
[2016] IESC 14
Parties
Plaintiff/appellant: Anthony Freeman; Plaintiff/appellant: Miriam Freeman; Defendant/respondent: Bank of Scotland PLC; Defendant/respondent: Simon Davidson; Defendant/respondent: Llyod Daly & Associates Limited
Jurisdiction
Ireland
Judgment Date
15 March 2016
Procedural Posture
Civil Appeal / Supreme Court Appeal From High Court Dismissal
Outcome
Appeal dismissed
Legal Topics
Securitisation, Mortgage Enforcement, Appointment of Receiver, Registration of Charges, Cross Border Merger, Non Est Factum
Banking Law Property Law Contract Law Securitisation Mortgage Enforcement Appointment of Receiver Registration of Charges Cross Border Merger +1 more

Case Brief

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Parties

Anthony Freeman

Plaintiff/appellant

Miriam Freeman

Plaintiff/appellant

Bank of Scotland PLC

Defendant/respondent

Simon Davidson

Defendant/respondent

Llyod Daly & Associates Limited

Defendant/respondent

Procedural Posture

Civil Appeal / Supreme Court Appeal From High Court Dismissal

Legal Issues

  1. 1 Whether the Bank of Scotland PLC was entitled to appoint a receiver over the appellants' properties following a cross-border merger and securitisation of loans.
  2. 2 Whether non-registration of the Bank as owner of the charge invalidated the appointment of the receiver or the enforcement of the charge.
  3. 3 Whether the securitisation of the loans affected the Bank's entitlement to enforce the charge.

Ratio Decidendi

The Bank of Scotland PLC, as successor to BOSI by cross-border merger, was contractually entitled to appoint a receiver over the appellants' properties notwithstanding non-registration as owner of the charge; the securitisation and non-registration did not invalidate the appointment or the charge; any potential title issues for purchasers do not affect the validity of the receiver's appointment or the charge.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed; High Court order affirmed.
  • Bank to take steps to register as owner of the charge to enable registration of transferees.