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Practice – Pre-trial or post-judgment relief. The claimants entered into loan arrangements with the first defendant bank's predecessor. They fell into arrears and the bank subsequently appointed receivers. The claimants brought claims alleging that the bank was in breach of contract by appointing receivers. The claimants further alleged that the receivers were in breach of duty in failing to secure best price for properties. In allowing summary judgment against the claimants, the Chancery Division held that there was no evidence of the bank giving up its rights under various security documents, or varying them. The bank had had the right to appoint receivers on an unsatisfied demand. Further, the claim against the receivers had to fail on the facts.
Practice – Pre-trial or post-judgment relief. The claimants entered into loan arrangements with the first defendant bank's predecessor. They fell into arrears and the bank subsequently appointed receivers. The claimants brought claims alleging that the bank was in breach of contract by appointing receivers. The claimants further alleged that the receivers were in breach of duty in failing to secure best price for properties. In allowing summary judgment against the claimants, the Chancery Division held that there was no evidence of the bank giving up its rights under various security documents, or varying them. The bank had had the right to appoint receivers on an unsatisfied demand. Further, the claim against the receivers had to fail on the facts.
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