Nykredit Mortgage Bank plc v Edward Erdman Group ltd
Language: English Series: Estates Gazette Law Reports ; [1998] 5 EG 150-155(5)Publication details: 1998Subject(s): Summary: HL 27 November 1997. In 1996 HL held that the respondent bank was entitled to recover damages from the appellant valuers for negligent valuation of a property. The House of Lords had to decide the level of interest to be paid upon the damages. The appellant valuers contended that the cause of action did not arise until the subject property was sold in 1993. The respondent bank claimed that the cause of action arose in March 1990, at the date of the loan transaction. By December 1990, taking into account the continuing cost to the bank of providing the money lent and the diminishing value of property as the market deteriorated, the bank suffered their full, allowable loss. Held, interest should be paid from December 1990.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS58356 (Browse shelf(Opens below)) | 1 | Available | 83587-1001 |
HL 27 November 1997. In 1996 HL held that the respondent bank was entitled to recover damages from the appellant valuers for negligent valuation of a property. The House of Lords had to decide the level of interest to be paid upon the damages. The appellant valuers contended that the cause of action did not arise until the subject property was sold in 1993. The respondent bank claimed that the cause of action arose in March 1990, at the date of the loan transaction. By December 1990, taking into account the continuing cost to the bank of providing the money lent and the diminishing value of property as the market deteriorated, the bank suffered their full, allowable loss. Held, interest should be paid from December 1990.