LAW

Law of Tort, Company law and Property law essay

Law of Tort, Company law and Property law essay

Assignment Title # 01

The focus of the Land and Conveyancing Law Reform Act 2009 is one of reform and significant change has now been made to our land law. In particular far-reaching changes have been made to the law of co-ownership. Discuss the reforms that have been made to this area of law and assess whether such reform represents progression or regression on previous law.

Critically analyse the treatment of the “no conflict-no profit rules” applicable to directors in the wording of the draft legislation?

Land and Conveyancing Law Reform Act 2009

Prior to the implementation of the Land and Conveyancing Law Reform Act 2009  lenders relied upon section 62(7) of the Registration of Title Act 1964 to apply to Court to seek a possession order when the borrower had defaulted on his loan. The decision of Ms Justice Dunne that section 8 of the Land and Conveyancing Law Reform Act 2009   repealed section 62(7) of the Registration of Title Act 1964 means that lenders can no longer rely on section 62(7).

Since the Land and Conveyancing Law Reform Act 2009 came into effect on the 1st of December, 2009 the consequences of this decision and section 8 of the  Land and Conveyancing Law Reform Act 2009 are as follows:

There is no right to apply to Court for an order for possession of property where the borrower entered into the mortgage prior to 1st December, 2009 and have fallen into difficulties after this date.

The Land and Conveyancing Law Reform Act 2009 does contain provisions (in Chapter 3) similar to section 62(7) of the Registration of Title Act 1964 but this will only be of use to lenders and banks in respect of mortgages taken out after 1st December, 2009. The implications of this decision are far reaching as many of the mortgages which would now be in difficulty would have been taken out prior to 1st December, 2009.The decision of Justice Dunne arose when four cases, in which orders for possession were sought, were heard together.

Effect of High Court decision

The net effect of the decision in these cases is:

Where the mortgage was taken out prior to 1st Dec. 2009 and go into default after that date the bank has no legal right to seek possession;

Where the mortgage was taken out prior to 1st December, 2009 and no letter of demand was issued prior to this date there is no right to seek possession;

Where the mortgage was taken out prior to 1st December, 2009 and legal proceedings were initiated prior to this date the bank can seek an order for possession;

Where the mortgage was taken out prior to 1st December 2009 and the letter of demand for payment was sent out prior to this date the bank can seek an order for possession.

For the many people who are affected by this decision they now have more time to negotiate with their lender and ...