||All England Reporter
|| All ER (D) 501 (Jul)
|| EWCA Civ 1138
||Court of Appeal, Civil Division
Pill, Robert Walker LJJ and Sir Martin Nourse
||Paul Morgan QC and Stephen Jourdan (instructed by Burges Salmon, Bristol) for the claimant.
||Gordon Apsion (instructed by Thursfields, Kidderminster) for the defendant.
||31 July 2002
Consumer credit - Extortionate credit bargain - Mortgage - Claimant and defendant agreeing to transaction ostensibly in form of sale, lease-back and grant of call option - Defendant contending transaction in truth in nature of mortgage - Judge holding agreement in nature of mortgage - Whether judge correct.
It was not correct to say that any transaction which was expected to produce the same economic consequences as a mortgage had to be a mortgage in the eyes of the law, and on the facts of the instant case, a judge's decision that an agreement ostensibly in the form of a sale, lease-back and call option was in fact a mortgage agreement had been incorrect.
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