National Crime Agency v Szepietowski and another [2013] UKSC 65; [2013] WLR (D) 408
“The equitable remedy of marshalling was not available where the security held by the second chargee did not secure an underlying personal debt of his to the chargor. Therefore the National Crime Agency, having agreed to take a second mortgage over a property in settlement of its claim that it had been purchased by its owner with the proceeds of crime, could not, when the sale of the property only realised sufficient funds to pay off the debt secured under a first mortgage to a bank, require the bank to enforce its security against another property mortgaged by the owner to that bank.”
WLR Daily, 23rd October 2013
Source: www.iclr.co.uk
