This was a case against a valuer for a negligent valuation. The new proportionate liability laws will be crucial in valuation matters and in October 2008 Matthew Bransgrove gave a paper for the College of Law on “Proportionate Liability in claims against valuers”. In this case a proportionate liability defence was raised by the valuer and it became a crucial question as to when the loss occurred (the proportionate liability laws having only commenced in July 2004). After extensively reviewing the case law the judge determined:
In terms of a mortgagee or a mortgagee’s insurer, the cause of action is not complete at the time a loan is made but only at a later time, in general terms, when the loss is ascertainable.