Credit Management, January 1st, 2005
A house in the village where the poet Thomas Gray wrote a well known elegy was subject to a second mortgage, so the judges of the Court of Appeal less poetically ruled on the first mortgagee's application for possession. Thomas Gray's Stoke Poges churchyard in his words was 'far from the madding crowd's ignoble strife,' but a mortgage over a house in the village was the cause of legal strife in the Court of Appeal. Credit managers know that second mortgages can be risky, but in Credit Mercantile pic v Marks [2004 ] 3 WLR 489 when the mortgagee applied for possession of the property, the mortg...
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