Application by the claimant for summary judgment for an order for payment over to the defendant of pounds 200,000 held in an escrow account pending determination of the defendant’s claim for an indemnity, pursuant to an express provision contained in a fixed term loan agreement between the claimant and the defendant’s assignor. Also the hearing of the defendant’s application for summary judgment in its favour in the sum of pounds 165,580.92 together with interest and costs being the sum it says it is entitled to under the terms of the indemnity contained in the fixed term agreement, to which I have referred: ‘In substance, the issue comes down to this: The loan was repaid early by the claimant. The defendant maintains that, on true construction of the terms of the loan agreement, once early redemption has occurred, it is able to claim – pursuant to the indemnity – losses, including all future losses, calculated on an estimated basis resulting from the early termination of the loan agreement and on that basis is entitled to recover the loss of the contractual rates of interest on the sums loaned for the period of the term. The claimant contends that, on proper construction of the agreement the sums claimed by the defendant are not recoverable under the terms of the indemnity or, alternatively, are not yet recoverable.’
Judges:
Pelling QC HHJ
Citations:
[2012] EWHC 1633 (Ch)
Links:
Jurisdiction:
England and Wales
Banking
Updated: 03 November 2022; Ref: scu.460856