TECU ordered to pay couple in land deal gone bad
TECU Credit Union Co-operative Society Ltd was yesterday ordered to pay $57,200 in compensation to a couple who purchased land based on a credit union's legal assurance that there were no encumbrances or defects in the deed.
It turned out that the title on land bought by Ernest Trotman and wife Camille Richards-Trotman was defective and the couple were unable to take out a second mortgage.
The couple were represented by attorney Kevin Ratiram who filed the breach of contract action.
A judgment was entered against the credit union in June 2010, and an assessment of compensation was done by Master Martha Alexander.
The couple stated that they went to the credit union in 2005 and applied for a loan to buy land in La Romaine.
The couple were told that the credit union would do a search of the title but the couple would have to pay.
Several weeks later, the couple said they were assured that it was all right to buy the land.
The following year, the Trotmans decided to build on the land and the credit union sent them to an attorney who discovered that the title was defective.
The Trotmans said they paid $25,000 towards the land before they stopped making payments.