Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Judgment was heard this month in the case of Credit & Mercantile plc v Kaymuu Ltd and others  All ER (D) 49 (Jun).
The claimant held a charge over a property, which had been occupied by the second defendant. It sought to retain a sum of money from the net proceeds of the sale of the property. The second defendant contended that he was entitled to that sum as the beneficial owner of the property. The Chancery Division held that, whilst the second defendant had been the beneficial owner of the property, on the facts, he could not assert his beneficial ownership of the property in priority to the claimant's charge. The claimant was entitled to retain the amount it held from the proceeds of sale of the property. The second defendant was entitled to the surplus paid into court in respect of the balance of the proceeds of sale.
The proceedings concerned a mortgagee's action for possession of a residential property in Kent (the property). The property had been formerly occupied by the second defendant (W). The claimant held a charge over the property. The charge had been entered into in 2010 to secure monies borrowed from the claimant by the first defendant (Kaumuu), the legal owner of the property. Kaymuu was controlled by S, a bankrupt businessman. The third defendant was S's trustee in bankruptcy (the trustee). The property was sold in 2012 for £1.1m. The claimant sought to retain £694,072.75 from the net proceeds of sale to realise its security. W laid claim to that amount, contending that he had beneficial ownership of the property which overrode the claimant's charge. W's case was that he and S had undertaken various property development projects together and that it had been agreed that that each of the relevant business partners would take from the profits generated by the sale of interests in a project and that, in W's case, that that sum would
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234