Contractual restrictions to the doctrine of marshalling
The doctrine of marshalling could be excluded by contract but the contract would have to be one between the two creditors not the relevant obligors and one such creditor.
At first instance, Norris J decided that Highbury Pension Fund Management Co was entitled to benefit from the doctrine of marshalling.
The part of Norris J’s order which is challenged by Highbury is the decision that Highbury’s rights over the properties charged to Barclays Bank Plc could not be exercised until Barclays had been paid in full…
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