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ARTICLE · 01 OCTOBER 2010

Collateral Warranties: Stepping-in

CMS Cameron McKenna Nabarro Olswang
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The High Court case of The Royal Bank of Scotland Plc v Chandra [2010] EWHC 105 (Ch) provides an interesting, rare example of mandatory step-in by a bank pursuant to a collateral warranty.

United KingdomReal Estate and Construction
Chelsea Walters
Chelsea Walters

The High Court case of The Royal Bank of Scotland Plc v Chandra [2010] EWHC 105 (Ch) provides an interesting, rare example of mandatory step-in by a bank pursuant to a collateral warranty.  This differs from the usual position of the bank simply having the option to do so. 

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The High Court case of The Royal Bank of Scotland Plc v Chandra [2010] EWHC 105 (Ch) provides an interesting, rare example of mandatory step-in by a bank pursuant to a collateral warranty. This differs from the usual position of the bank simply having the option to do so.

Background

The Royal Bank of Scotland plc (the bank) agreed to provide finance to the defendants' company for the acquisition of a property to be developed into a hotel under an amended JCT Standard Form of Building Contract 1998 Edition with Quantities. Costain Limited was the contractor. As part of the preconditions to drawdown of the funds, the

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