The master of the High Court wants the Central Bank to inquire into what he described as “a blatant attempt” by a fund to seize more land than it was entitled to in a dispute over the use of land as security for a loan.also said the judiciary seems to be “tone deaf to the 21st century’s new realities in financial markets and in particular to the ability of capital to hedge against losses caused by economic shocks”.
He made his comments in a decision relating to an attempt by fund Promontoria DAC to enforce rights over agricultural land in Co Sligo owned by John Gethins in a dispute over a €52,750 loan to him in 2013. The loan was subsequently transferred to Promontoria Oyster which then sought an order from Mr Honohan that the debt was “well charged” on the property contained in folio number 3540F, which meant the fund could then possess the property and sell it to satisfy the debt.
Promontoria had in its proceedings seeking possession of the property described the land involved as “all of folio 3540F” and not just the 25-acre parcel, he said.This case “should be thrown out because it is a blatant attempt to seize much more land than was originally secured for the old [2009] Ulster Bank loan”,he said. That was in addition to the fact that the 2013 loan was in fact never secured, he said.
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