Sarah Spottiswood (led by C J Jennings KC) appeared for the applicant, instructed by Astills Lawyers.
This matter concerned a dispute between a first and second mortgagee over the terms of a Priority Deed entered into in relation to a development project. The primary issue in dispute concerned whether substantial ‘step-in’ development costs incurred by the respondent after taking over the project fell within the recoverable First Priority Amount under the deed.
The court held that the respondent’s ‘step-in’ costs were not recoverable in priority, nor in equity, as they exceeded any increase in the land’s value.
The judgment can be read by clicking here
