No precedence for contractual right
Language: English Series: Times ; 29 October 1991, 34(1)Publication details: 1991Subject(s): Summary: In "MacJordan Construction Ltd v Brookmount Erostin Ltd" CA 23 October, it was held that where a property developer failed to set up a retention fund in breach of the terms of a building contract and became insolvent, the builder`s contractual right to have the retention fund established could not take precedence over a bank`s charge even though the bank had express notice of the building contract when its charge was executed.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | WB2742-09 (Browse shelf(Opens below)) | 1 | Available | 27439-1001 |
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In "MacJordan Construction Ltd v Brookmount Erostin Ltd" CA 23 October, it was held that where a property developer failed to set up a retention fund in breach of the terms of a building contract and became insolvent, the builder`s contractual right to have the retention fund established could not take precedence over a bank`s charge even though the bank had express notice of the building contract when its charge was executed.