You are here

Lexi Holdings Plc v Garth Scott Stainforth

In the circumstances, the liability for a short-term loan used to purchase a tenanted residential property had been discharged by agreement.

28 July 2006

The appellant company (L) appealed against the decision that the liability of the respondent (S) for a loan had been discharged by agreement. S had obtained a short-term loan from L to purchase a tenanted residential property. S had difficulty in refinancing the loan and asked L if they knew of anyone who might be interested in purchasing the property. A property investor known to L expressed an interest and L and S entered into an “exclusive sale agreement”. L purported to rescind that agreement, served a demand for repayment on S and appointed a receiver of the property. S asserted that he had been discharged or released from any liability pursuant to the exclusive sale agreement. The judge held that the agreement had the effect of discharging S’s liability in return for his relinquishing his rights to the subject property. L argued that the judge’s construction of the agreement was wrong and that its primary purpose was simply to confer authority on L to sell the property...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.