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Dominion Corporate Trustees Limited & Dominion Trust Limited v Capmark Bank Europe PLC

October 2010 - Finance. Legal Developments by Ogier .

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The claimants are the joint trustees (the “Trustees”) of a Jersey property unit trust (the “Trust”), formed as a vehicle for holding real property in the United Kingdom (the “Property”).

The vendor contributed the Property to the Trust in exchange for units which were sold to Cantabria Investments Limited for a purchase price of £28.1 million (partly funded by a term loan arranged with the defendant). The Property was mortgaged pursuant to a debenture made between the Trustees of the Trust (as legal owners of the freehold interest in the Property) in favour of the defendant (as security agent) to secure the term loan.

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