The High Court has granted Vesta Mortgage Investments Limited summary judgment on loans originally advanced by EBS Building Society to Paul Devine and Mary Devine, while allowing three issues to proceed to a plenary hearing.
In a judgment delivered on 6 March 2014, Mr Justice Brian J. McGovern said Vesta was entitled to judgment for sums due under the facilities up to 30 November 2012, including contractual interest. The exact total was to be taken from account statements verified by EBS Ltd manager Mark Hughes. The court did not determine the amount due after that date.
The application sought €18,872,399.47 plus continuing interest. The loans comprised 12 facilities advanced between 1998 and 2008. EBS Building Society became EBS Ltd in 2011, and Vesta acquired the facilities and related rights under a deed of assignment dated 30 November 2012. The judge found the assignment valid and rejected the defendants’ arguments that Vesta could not claim interest because it was not a licensed bank.
The defendants raised several other objections, including an alleged promise that the loans would not be sold, a claimed partnership concerning German property purchases, and possible data-protection breaches. The judge found those points did not establish an arguable defence to the summary judgment application. He also rejected the contention that potential tax liabilities from selling secured assets answered Vesta’s claim for repayment.
The court did, however, find an issue requiring trial over Paul Devine’s claim that an arrangement with EBS entitled him to retain €8,000 a month from rental income. The judge said there was an arguable question about whether the agreement existed and whether it could give rise to a set-off. The court also allowed the defendants to contest whether €63,871.63 had been paid to Vesta in error. Vesta disputed that the payment was made in error.
The third issue left for trial was the amount due after 30 November 2012. The judgment therefore resolved the claim only through that date, subject to the three specified matters proceeding to plenary hearing.