This is an interesting case that addresses the exercise of mortgagee’s power of sale. It also touches on what constitutes a valid demand.
In the Ruling delivered on 2nd May, 2014 Justice Claire Hepburn found that the Bank’s demands to the customer were not valid demands under the law as they did not specify a precise amount owing and did not extend to the plaintiff the required 30 days’ notice under the mortgage.
It is an interesting Ruling and follows on the principles set out in the celebrated case, Cuckmere Brick Co. Ltd. v. Mutual Finance Ltd.
Raynard Rigby represented the Bahamas Development Bank in the matter.
Download: McKinney v BDB & Ors