Corcoran & Anor v Permanent TSB PLC & Ors (Approved) [2024] IEHC 345 (07 June 2024)

Corcoran & Anor v Permanent TSB PLC & Ors (Approved) [2024] IEHC 345 (07 June 2024)

The Court found that the interpretation of Special Condition 7 in the mortgage contracts is not straightforward and that the plaintiffs have a stateable case regarding wrongful conversion of loans and breach of contract. The factual disputes and contractual ambiguities are unsuitable for resolution on a strike out motion. The application to strike out the proceedings as bound to fail is refused.

Citation
[2024] IEHC 345
Parties
Plaintiff: Joseph Corcoran; Plaintiff: Katherine Corcoran; Defendant: Permanent TSB PLC; Defendant: Start Mortgages DAC; Defendant: Tom O'Brien; Defendant: Hilary Larkin
Jurisdiction
Ireland
Judgment Date
07 June 2024
Procedural Posture
Plenary Proceedings / Application to Strike Out Proceedings
Outcome
Application to strike out refused; proceedings not struck out
Legal Topics
Mortgage Contract Interpretation, Receiver Appointment, Lis Pendens, Contractual Breach, Fraudulent Misrepresentation, Sale of Mortgage Loans
Contract Law Property Law Banking Law Mortgage Contract Interpretation Receiver Appointment Lis Pendens Contractual Breach Fraudulent Misrepresentation +1 more

Case Brief

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Parties

Joseph Corcoran

Plaintiff

Katherine Corcoran

Plaintiff

Permanent TSB PLC

Defendant

Start Mortgages DAC

Defendant

Tom O'Brien

Defendant

Hilary Larkin

Defendant

Procedural Posture

Plenary Proceedings / Application to Strike Out Proceedings

Legal Issues

  1. 1 Whether Permanent TSB wrongfully converted loans from interest-only to principal and interest
  2. 2 Whether conversion required a prior review under Special Condition 7
  3. 3 Whether Permanent TSB was entitled to sell the mortgages to Start Mortgages DAC

Ratio Decidendi

The Court found that the interpretation of Special Condition 7 in the mortgage contracts is not straightforward and that the plaintiffs have a stateable case regarding wrongful conversion of loans and breach of contract. The factual disputes and contractual ambiguities are unsuitable for resolution on a strike out motion. The application to strike out the proceedings as bound to fail is refused.

Court Disposition

Application to strike out refused; proceedings not struck out

Orders

  • Plaintiffs to deliver an amended Statement of Claim to address deficiencies
  • Proceedings to continue to trial