Legal questions over adjacent land powers
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NAMA is set to get powers to deal with developers' land that fall outside of its immediate control.
Draft legislation specifies that a developer cannot do anything with land they own adjacent to property taken over by NAMA without writing to the "bad bank" if a deal will devalue the NAMA assets.
The document does not say what NAMA will do when it is notified of a proposed development involving the non-NAMA land. But Fionan Breathnach, partner with solicitors Mason Hayes Curran, said: "Whilst it is unwise to speculate, it is possible that NAMA might direct a person from dealing in that land for a ... period of time."
Mr Breathnach added: "It is arguable that this obligation to notify NAMA constitutes a restriction or limit on a person's constitutional right to deal in their own land, particularly as, for all other purposes, the land in question falls outside the remit of NAMA."
- Joe Brennan
