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The right to appoint a property receiver is clarified
9th September 2011
A recent judgement has now clarified some of the ramifications of the Start Mortgages judgement that we referred to in a previous news item.
Ms. Justice Laffoy has concluded that where a mortgagee’s statutory including the right to appoint a receiver or sell as mortgagee in possession pursuant to the Conveyancing Act 1881 have been contractually incorporated into a mortgage, such rights are enforceable by the mortgagee, notwithstanding the repeal of the relevant sections of the 1881 Act by the Land and Conveyancing Law Reform Act 2009.
Ms. Justice Laffoy held that the rights and liabilities of the parties is a matter of construction of the mortgage document and the repeal of the statutory provisions does not impact on the enforceability of such rights.
Clearly, the Lynch case represents a welcome clarification of the potential impact of the Start Mortgages case. However, it does not deal with all of the concerns arising and new legislation is still required.
Peter Stapleton
Property Receiver
September 2011