The Weekly Law Reports
[2014] 1 WLR 854
Court of Appeal
*Menelaou v Bank of Cyprus plc
[2013] EWCA Civ 1960
2013 April 23;
July 2
Moses, Tomlinson, Floyd LJJ
Restitution— Unjust enrichment— Subrogation— Bank holding charges over property to secure owners’ indebtedness— Bank agreeing to release charges to enable owners to sell property in order to purchase new property and repay part of indebtedness on condition that bank granted charge over new property— Charged property sold and new property purchased subject to new charge— Original charges not released until after sale and purchase completed— Charge over new property invalid— Whether bank entitled to be subrogated to unpaid vendor’s lien so as to have equitable charge over new property