Equitable Security Interests: Their Creation and Priority

Pages65-68
Publication Date01 February 1995
Date01 February 1995
DOIhttps://doi.org/10.1108/eb025674
AuthorRichard Nolan
SubjectAccounting & finance
Journal of Financial Crime Vol. 3 No. 1 Property Fraud
PROPERTY FRAUD
Equitable Security Interests: Their Creation and
Priority
Richard Nolan
Fraud, so it seems, never goes out of fashion. The
United Bank of Kuwait plc advanced monies to
Mr Sahib, and when the monies were not duly
repaid, the Bank took proceedings to recover the
debt due to it; it obtained judgment against Mr
Sahib,
and sought to enforce that judgment by
obtaining a charging order over Mr Sahib's bene-
ficial interests in two freehold properties in
Hampstead. The beneficial interests existed behind
statutory trusts for sale, and the trustees for sale of
both properties were Mr Sahib and his wife, Mrs
Hashim. In due course, charging orders were
obtained and then made absolute. At this point,
there arose a dispute between the United Bank of
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