The Law Reports (Appeal Cases)
[2016] AC 176
Supreme Court
Menelaou
v
Bank of Cyprus UK Ltd
[on appeal from Menelaou v Bank of Cyprus plc]
[2015] UKSC 66
2015 June 17,
18;
Nov 4
Lord Neuberger of Abbotsbury PSC, Lord Kerr of Tonaghmore, Lord Clarke of Stone-cum-Ebony, Lord Wilson, Lord Carnwath JJSC
Restitution— Unjust enrichment— Subrogation— Bank holding charges over property to secure owners’ indebtedness— Bank agreeing to release charges to enable owners to sell property to allow purchase of new property for daughter and repayment of 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 defectively executed and void— Whether bank entitled to be subrogated to unpaid vendor’s lien so as to have equitable charge over new property