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Cuckmere Brick Co Ltd v Mutual Finance Ltd
''Cuckmere Brick Co v Mutual Finance'' () (EWCA Civ 9 ) is an English land law case, concerning mortgages.
==Facts==
In 1961, Cuckmere Brick Co had received planning permission to build 100 flats on a site near Maidstone, and received mortgage financing from Mutual Finance. By 1964, due to cash flow problems arising from other developments in which Cuckmere was involved, planning permission was subsequently received (with Mutual's approval) to build 35 houses, which would have incurred lower construction costs. Construction had still not commenced by 1966, and Mutual exercised power of sale under the mortgage, putting the land up for auction, and advertising that the property had planning permission for the houses, but not the flats. Cuckmere advised Mutual of the oversight, and the latter told the auctioneer to mention it. They got £44,000 at the auction, and Cuckmere argued that it should have been closer to £75,000 had the planning permission been mentioned properly in the advertisements.
Cuckmere sued, asking for an account to be taken on the basis that the defendants should be debited with the price which they could and should have obtained for the site. Mutual counter-claimed for the balance of all moneys due under the mortgage with interest after crediting the plaintiffs with the proceeds of the sale. Plowman J found for the plaintiffs on the claim and counterclaim, considering that £65,000 was the price that could and should have been obtained for it but for the defendants' default or failure to take reasonable precautions in relation to the sale.
Both parties appealed to the Court of Appeal.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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