000			01544cab a2200205 4500
001			L130066
008			050620n2005 000 0 eng u
035			_a(Sirsi) u130066
041			_aeng
100			_aRoss, Jonathan
245			_aCase law: Freeguard v the Royal Bank of Scotland
260			_c2005
490			_aProperty Week _v70(23) 10 June 2005, 76(1)
520			_aDiscusses the case "Freeguard v the Royal Bank of Scotland" ([2005] EWCA Civ 485) which considered a bank's responsibilities when selling mortgaged land. Freeguard claimed that the Royal Bank of Scotland had negligently sold a strip of land held as security for too low a price. She argued that as the only possible access for a development in a neighbouring field the land should, as a ransom strip, have fetched between 33% to 50% of the development value of the land as per the principle established in "Stokes v Cambridge" (J1184). As the whole site sold for £527 000, Freeguard claimed the value of strip of land should have been up to as much as £260 000 and the bank was in breach of its duty to act in good faith to the owner and to obtain the best price reasonably obtainable at the time it decides to sell. The court decided that as the bank could not have foreseen that the land would sell at double its actual value, it had not been negligent in accepting £60 000.
590			_aIKA040705
650			_aFREEGUARD V THE ROYAL BANK OF SCOTLAND
650			_aSTOKES V CAMBRIDGE
690			_aPROPERTY-PROPERTY ACQUISITION AND DISPOSAL
942			_n0
999			_c75432 _d75432