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About: South Australia Asset Management Corp v York Montague Ltd     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatEnglishRemedyCases, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: yago:Abstraction100002137yago:Case107308889yago:Event100029378yago:Happening107283608yago:PsychologicalFeature100023100yago:YagoPermanentlyLocatedEntitySupreme Court of the United States caseyago:WikicatEnglishImpliedTermsCasesyago:WikicatEnglishRemedyCases New Facet based on Instances of this Class

South Australia Asset Management Corporation v York Montague Ltd and Banque Bruxelles Lambert SA v Eagle Star Insurance Co Ltd [1996] UKHL 10 is a joined English contract law case (often referred to as "SAAMCO") on causation and remoteness of damage. It arose out of the property crash in the early 1990s, whereby banks were suing valuers for overpricing houses in order to recover the lost market value. Owners themselves often had little or no money, since they had fallen victim to negative equity, so mortgage lenders would pursue a valuer instead to recover some losses. The legal principle arising from the case is often referred to as the "SAAMCO principle".