Barclays Bank International, Ltd. v. Creque

MEMORANDUM AND ORDER

This is a most unfortunate case, in which the law dictates a particular result despite clear equities to the contrary. Much as I disagree with the law, at least as applied to this particular case, I cannot reject it, nor prevent the *164defendant herein from potentially receiving a windfall gain.

The material facts are not in dispute: On May 7, 1973, plaintiff Barclays Bank International Ltd. (hereinafter, Barclays), made a loan to defendant Creque in the sum of $63,000 to purchase an apartment house from defendant Southern Cross Development Corporation. Creque executed a…