Cases - Lloyds Bank v Pearce
Record details
- Name
- Lloyds Bank v Pearce
- Date
- [1999]; [2000]
- Citation
- EWHC Ch 217; PNLR 71
- Legislation
- Keywords
- Negligence in valuations and surveys
- Summary
-
The claimant bank, having lent money to a property development company to enable it to purchase a building plot, subsequently brought an action for professional negligence against the solicitors who had acted for the bank in this transaction. When the solicitors raised a defence of limitation, the judge adopted a somewhat technical approach to the valuation of the borrower's covenant to repay, by comparing the total assets of the company with its total liabilities at the relevant time.