Courts / Wicklow / Report
Law Society member tells Michael Lynn trial she's 'never' come across 'undertaking only' mortgage
Summary
In the Dublin Circuit Criminal Court, 55‑year‑old Michael Lynn stands trial for 21 counts of theft, accused of siphoning roughly €27 million from seven financial institutions between October 2006 and April 2007. Lynn maintains that the mortgages he secured on the same properties were "undertaking‑only" mortgages, not first legal charges, and that banks were unaware of overlapping financing. Suzanne Bainton, a practising solicitor and member of the Law Society's conveyancing committee, testified that she has never encountered a solicitor's undertaking‑only mortgage where a bank could claim against a solicitor's professional indemnity insurance. She explained that such undertakings are intended to reduce lending costs and rely on implicit trust in solicitors, noting that insurance coverage for solicitor fraud does not exist. Bainton also clarified that the undertaking is not meant for commercial lending, though banks may accept it. Michael Lynn pleaded not guilty.
Who, what, where, when and why
What: Report matter: Law Society member tells Michael Lynn trial she's 'never' come across 'undertaking only' mortgage. Charges or matters: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007. Procedural stage: trial
When:
- October 23, 2006 Hearing Or Sentence
- April 20, 2007 Hearing Or Sentence
- September 2006 Hearing Or Sentence
- October 15, 2007 Hearing Or Sentence
- December 2006 Other
- April 19, 2007 Other
- July 2006 Other
- September 2007 Other
- October 2007 Other
- November 2007 Hearing Or Sentence
- 2023-12-07 Publication
Why: Banks do it because they have faith in solicitors and, as solicitors are insured. CNI source report
Case subjects
Accused
Charges: 21 counts of theft in Dublin between October 23, 2006 and April 20, 2007 (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
Related court reports
- Disgraced ex-solicitor Michael Lynn's appeal to go to Supreme Court
- Disgraced former solicitor Michael Lynn fails to have prison sentence reduced
- Disgraced former solicitor Lynn could be released from prison next month if appeal succeeds, lawyers say
- Disgraced former solicitor Lynn gets legal aid for appeal after telling court 'he has no means'
- Disgraced solicitor Lynn brings High court challenge over legal costs refusal
- DPP investigating if millions in assets linked to disgraced solicitor Lynn are benefits of crime
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request