Duty to obtain the best price: not implied | Practical Law

Duty to obtain the best price: not implied | Practical Law

The High Court has held that, where a borrower entered into a security agreement and a separate contract giving the secured party a right to force the sale of the assets secured by the security agreement, the mortgagees’ duties that would be implied into the security agreement would not automatically be implied into the separate contract.

Duty to obtain the best price: not implied

Practical Law UK Articles 0-605-4807 (Approx. 3 pages)

Duty to obtain the best price: not implied

by Freshfields Bruckhaus Deringer LLP
Published on 26 Mar 2015United Kingdom
The High Court has held that, where a borrower entered into a security agreement and a separate contract giving the secured party a right to force the sale of the assets secured by the security agreement, the mortgagees’ duties that would be implied into the security agreement would not automatically be implied into the separate contract.