The Florida Foundation v Jeanne [2019] JRC 252 (20 December 2019)

The Florida Foundation v Jeanne [2019] JRC 252 (20 December 2019)

The Court held that the Plaintiff is entitled to interest at the contractual default rate of 12% per annum from the date of default to the date of judgment, and thereafter at the normal contractual rate of 7% per annum until repayment. Claims for penalty interest, administrative costs, and interest on those sums were disallowed as excessive or unsubstantiated. The saisie judiciaire did not frustrate the contract to the extent argued by the Defendants, and the Defendants had accepted judgment for the capital sum. Costs for ancillary relief arguments are to be borne by each party.

Citation
[2019] JRC 252
Parties
Plaintiff: Florida Foundation; First Defendant: Roy Anthony Jeanne; Second Defendant: Joan Clare Jeanne, née Benest
Jurisdiction
Jersey
Judgment Date
20 December 2019
Procedural Posture
Ancillary Relief Application / Post Judgment
Outcome
Plaintiff partially succeeds; ancillary relief granted in part.
Legal Topics
Loan Agreements, Interest Rates, Default Provisions, Frustration of Contract, Costs
Contract Law Banking and Finance Civil Procedure Loan Agreements Interest Rates Default Provisions Frustration of Contract Costs

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 9 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Florida Foundation

Plaintiff

Roy Anthony Jeanne

First Defendant

Joan Clare Jeanne, née Benest

Second Defendant

Procedural Posture

Ancillary Relief Application / Post Judgment

Legal Issues

  1. 1 Whether the Plaintiff is entitled to ancillary relief including enhanced interest, administrative costs, and penalty interest under the loan agreement
  2. 2 Whether the imposition of a saisie judiciaire constitutes frustration or default under the contract
  3. 3 Whether the claimed interest rate and costs are excessive or unconscionable

Ratio Decidendi

The Court held that the Plaintiff is entitled to interest at the contractual default rate of 12% per annum from the date of default to the date of judgment, and thereafter at the normal contractual rate of 7% per annum until repayment. Claims for penalty interest, administrative costs, and interest on those sums were disallowed as excessive or unsubstantiated. The saisie judiciaire did not frustrate the contract to the extent argued by the Defendants, and the Defendants had accepted judgment for the capital sum. Costs for ancillary relief arguments are to be borne by each party.

Court Disposition

Plaintiff partially succeeds; ancillary relief granted in part.

Orders

  • Interest at 12% per annum from date of default to date of judgment; thereafter 7% per annum until repayment.
  • Penalty interest (£6,000) disallowed.