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Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10587
Experience:  Barrister 17 years experience
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A bank appointed a receiver over a rented property and then

Resolved Question:

A bank appointed a receiver over a rented property and then sold the property through a fire sale at 20% below the market value. It has now been discovered that the appointment of the receiver was invalid and the receiver had no entitlement to sell the property.
Can I sue the bank for trespass and damage and can I demand that the bank returns the property to me
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.

1. Dear Eugene, you can certainly sue the bank for the wrongful conversion of your property, for trespass and for wrongfully selling your property. However, your remedy will be in money damages. You will not be able to get the property back off the purchaser who purchased the property in good faith and for value. This is because the law always protects a good faith purchaser for value. In law, such a person is know as "equity's darling". A court will not set aside the sale to the innocent purchaser who bought the property. If you wanted such a sale set aside you would have to show the purchaser was on notice that the receiver's title to sell the property was defective. That is highly unlikely as a normal purchaser would have no knowledge of the title to the receiver to sell the property as only you would have knowledge of this fact.

Expert:  Buachaill replied 1 year ago.

2. In law the title of the purchaser would only be voidable, it would not be void because of the defect in the receiver's title. So, you will only be able to sue for money damages, not for the return of the property, I regret to say. Your money damages will be assessed on the full value of the property, not the price of 20% less which was achieved on the sale. You would also get your costs, less any loan you owed.

Expert:  Buachaill replied 1 year ago.

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