Breach of trust: AIB v Redler update
In AIB v Redler & Co, the Court of Appeal decided that, although solicitors had acted in breach of trust by failing to obtain a first legal charge against a property in favour of their client, losses were limited to the additional security that a first legal charge would have provided.
In summary, AIB sought to recover its full shortfall loss of £2.4m from the solicitors on the grounds that the advance should not have been released in circumstances where there was a failure to redeem the existing charge fully and to secure AIB a first legal charge…
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