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Notwithstanding judicial criticism of its antiquated nature and a call for it to be excised, the equitable principle rendering ineffectual any clog on the equity of redemption remains good law. In practice, commercial lenders are unlikely to fall foul of this well-established principle in their standard form mortgage contracts. A number of recent judgments have recognised that the substance of an agreement is more important than the label given to it. Any form of financing agreement must therefore be closely analysed to ascertain whether its substance falls within the ambit of the rule.
Click here to read the article written by Daisy Brown at Guildhall Chambers.
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