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Commercial reporter

Richard Lawson reports on mortgages and the Consumer Credit Act; the Football League TV rights row; and the new late payment rules

16 August 2002

Whether mortgage transactions within Consumer Credit Act Lavin v Johnson [2002] EWCA Civ 1138 J, a farmer, was in debt to his bank for over £1m. In 1991, the bank appointed a receiver, and in 1993 there was a further appointment of a receiver to take full control of his business. Further to an agreement with L to provide finance which would discharge the receivership, three agreements were executed in 1994 for the sale of the farm to L. These agreements also provided for J to have a tenancy, the sale of J’s milk quota and for L to receive the proceeds. The agreements also encompassed a call option which would enable J to repurchase the land. Under a further agreement J would sell another plot of land for a nominal sum. L agreed not to complete that sale so long as he received the proceeds from the sale of the milk quota. If that were to happen, L undertook to ‘re-assure’ the land to J for a nominal consideration. The milk quota was indeed sold and L receive...

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