Source: All England Reporter
Publisher Citation: [2002] All ER (D) 501 (Jul)
Neutral Citation: [2002] EWCA Civ 1138
Court: Court of Appeal, Civil Division
Judge:

Pill, Robert Walker LJJ and Sir Martin Nourse

Representation Paul Morgan QC and Stephen Jourdan (instructed by Burges Salmon, Bristol) for the claimant.
  Gordon Apsion (instructed by Thursfields, Kidderminster) for the defendant.
Judgment Dates: 31 July 2002

Catchwords

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.

The Case

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.

Practice Areas

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