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Who we are and what we do – Banking Matters – November 2016

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08/11/2016

The latest in an ‘interest’ing line of authority…

Associate Louise Smith has acted on behalf of a lender in a summary judgment application, swiftly dispensing with a claim in reliance on a recent line of Court of Appeal authorities dealing with the Brocklesby principle [1] and third party assertions of overriding interests.

Walker Morris has reported previously on the Wishart v Credit & Mercantile and Mortgage Express v Lambert decisions.  In Louise’s case a husband and wife alleged that they held a beneficial and overriding interest in a mortgaged property owned by the husband’s brothers.  The husband and wife argued that their interest arose under an express, constructive or resulting trust albeit no notice or restriction was placed on the Land Register, and was overriding by virtue of their occupation at the time of a remortgage.  On behalf of the lender, and following Wishart, Lambert and a Privy Council decision Abigail v Lapin [2], however, Louise successfully argued that because the husband and wife had allowed the brothers to become registered owners without registering any notice or restriction over the title, the Brocklesby principle applied to prevent the husband and wife from asserting an overriding interest as against the lender’s security.

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[1] The principle in Brocklesby v Temperance Permanent Building Society [1895] AC 173 is that when a owner has given the borrower the means of representing himself as the beneficial owner, the borrower effectively has authority equivalent to absolute ownership (involving the right to deal with the property as owner), and any limitations on this must be brought to the knowledge of the mortgagee in order for the owner’s interest to be capable of being an overriding interest.
[2] [1934] UKPC 33

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Walker Morris data protection expert speaks to the CML

On 27 September 2016 Walker Morris’ data protection experts spoke at the CML’s Mortgages and Data Protection Regulation seminar about the practical implications of the new General Data Protection Regulation (GPDR), including imminent changes required to lenders’ processes.  For more information, see our recent briefing on the subject.

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Walker’s Walk and Movember

On Saturday 24 September, members of our Banking Litigation team took part in ‘Walkers Walk’ to raise money for the Firm’s chosen charity of the year for 2015-16, the Bone Cancer Research Trust.

The 15 mile walk began at the Walker Morris offices in the city centre and followed the Leeds and Liverpool canal, finishing in Saltaire. Half way along the route, at the Railway Inn in Rodley, the Walker Morris Team met up with the representatives from the Bone Cancer Research Trust to continue the walk together.

Walkers Walk Fundraising Team

The fundraising continues this month with Movember.  Our Banking Litigation team’s moustaches have become legendary as the photos will prove.  Several members of the team will yet again be discarding the razor for a month as part of Movember to raise money for men’s health charities.

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