Interallianz Finanz AG v Independent Insurance
Interallianz Finanz AG v Independent Insurance
- 1997
- New Property Cases 1997 NPC 89 .
A valuer in reaching a valuation has a duty to make such enquiries as would bring any recent sale of property to his attention. A principal however, who has a duty to make inquiry, and failure to do so will be contributory negligence. A single named lender who has entered into sub-participation agreements which might have the effect of reducing its loss can still recover the whole of that loss from a valuer who was not privy to them. Even if that were wrong, the principal lender would have an implied duty to account for any sum recovered and could thus recover the whole loss on that ground. (Headnote taken from journal) NB. NOT TO BE PHOTOCOPIED.
NEGLIGENCE
Valuation
A valuer in reaching a valuation has a duty to make such enquiries as would bring any recent sale of property to his attention. A principal however, who has a duty to make inquiry, and failure to do so will be contributory negligence. A single named lender who has entered into sub-participation agreements which might have the effect of reducing its loss can still recover the whole of that loss from a valuer who was not privy to them. Even if that were wrong, the principal lender would have an implied duty to account for any sum recovered and could thus recover the whole loss on that ground. (Headnote taken from journal) NB. NOT TO BE PHOTOCOPIED.
NEGLIGENCE
Valuation