ACC BANK has secured €1.99 million summary judgment orders against a California-based interior designer over loans advanced to buy investment properties in Kinsale, Co Cork.
Ms Justice Mary Finlay Geoghegan yesterday granted the judgment order to Bernard Dunleavy, for ACC, against Haley McGuire, Wells Drive, Tarzana, California, after ruling Ms McGuire had made out no arguable defence to the bank’s claim.
The case arose from a €1.85 million loan offer advanced by ACC to Ms McGuire in September 2004 for the purchase of seven investment properties at Brownsmills, Kinsale. The loan was repayable on demand and provided that interest only would be repaid for the first two years on the 25-year term of the loan after which repayments were to consist of principal and interest. The bank claimed Ms McGuire failed to adhere to the agreed schedule and the bank demanded repayment in September 2009 of some €1.9 million.
The court heard Ms McGuire had run into difficulties and was unable to meet interest repayments. Counsel for Ms McGuire argued she had a defence to the summary judgment claims arising from her understanding that a mortgage protection policy afforded her protection in the event of failure of her business. Mr Dunleavy disputed that argument.
Ms Justice Finlay Geoghegan found no evidence of any representation to Ms McGuire by the bank that mortgage protection policy she contended for would be put in place. The judge said she would enter judgment in the sum sought. The interest sum will be determined in two weeks.
