Holohan v Friends Provident and Century Life Office

Judgment Date15 December 1966
Date15 December 1966
Docket Number(1963. No. 506 P.)
CourtSupreme Court
Friends Provident and Century Life Office

Duty of mortgagee in exercising power - Price - Parties - Mortgagor's action to restrain completion of sale - Whether purchaser a necessary party - Conveyancing Act, 1881, s. 21 (2) - Conveyancing Act, 1911, s. 5 (1).

A life insurance company in the exercise of its powers of sale as legal mortgagee entered into a contract for the sale of certain property of which the plaintiff was mortgagor. In negotiating the sale and the purchase price to be paid, the company offered the premises for sale on an investment basis without attempting to disturb the occupying tenants and refused to consider an alternative mode of offering the premises for sale notwithstanding the advice of auctioneers and house agents that a sale with vacant possession should realise an enhanced purchase price. In an action by the mortgagor against the company, seeking an order restraining the company from completing the sale (to which proceeding the purchaser was not a party) Budd J. refused the relief sought. On appeal it was held by the Supreme Court ( Ó Dálaigh C.J., Lavery and Walsh JJ.), 1, that a mortgagee with a power of sale has not power to dispose of the mortgagor's property with the same freedom as if it were...

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