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ARTICLE · 04 DECEMBER 2018

Who Should Sue – A Bare Trustee Or A Beneficial Owner?

Dillon Eustace
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In the recent case of Pepper Finance Corporation (Ireland) DAC v Jenkins & anor, the High Court determined who should initiate enforcement proceedings.

IrelandLitigation, Mediation & Arbitration
Peter Bredin
Peter Bredin
John O'Riordan
John O'Riordan
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Pepper Finance Corporation (Ireland) DAC v Jenkins & anor [2018] IEHC 485

In the recent case of Pepper Finance Corporation (Ireland) DAC v Jenkins & anor, the High Court determined who should initiate enforcement proceedings where the legal and beneficial interest in a loan has been divided between two parties.

Background

The borrowers entered into a loan arrangement and provided security by means of a mortgage over their family home in favour of Pepper Finance Corporation (Ireland) DAC ("Pepper"). The loan was subsequently sold as part of a loan sale portfolio and purchased by a third party, Windmill Funding Ltd ("Windmill") which resulted in Windmill holding the beneficial interest in the loan and Pepper retaining the legal title as a bare trustee for Windmill.

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