After a sale by the mortgagee in possession, the judge at first instance had found that the plaintiff had negligently failed to take reasonable care to ensure that the premises were sold at the best price that could reasonably be obtained:
Held: Where a lender having sold property secured by a charge took the property into possession and sold it, but failed to obtain the best price reasonably obtainable, any liability of a guarantor of the loan was reduced to the extent of that failure. In calculating damages the task of the court is to determine the true market value of the property, and where there is a bracket of acceptable valuations the court will take the mean figure within that bracket as being the market value.
Citations:
Times 12-Jan-2000
Jurisdiction:
England and Wales
Banking, Damages
Updated: 11 May 2022; Ref: scu.89299
