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Businesses can breathe a sigh of relief after the High Court upholds the principle that electronic signatures are acceptable for the purpose of consumer credit legislation.
Bassano v Toft and others  All ER (D) 36 (Mar),  EWHC 377 (QB)
The first and third defendants (Mr Toft and Borro Loan Ltd) sought to recoup loans to the claimant, Ms Bassano, based on the security of her musical instrument. Ms Bassano disputed the claims on the basis that the loan was not enforceable by reference to provisions of the Consumer Credit Act 1974 (CCA 1974) in relation to the first defendant and that the third defendant's loan had not been validly executed. The Queen's Bench Division decided that both defendants were entitled to recoup the monies loaned.
Ms Bassano, was a professional musician, owning a valuable viola. Between 2009 and 2011 she used the viola as security to obtain loans from the defendants. Mr Toft and Borro brought proceedings to enforce repayment of the loans, in part against the proceeds of the sale of the viola. The court had to decide the following issues:
Ms Bassano claimed that the agreement was not properly executed because it was not executed in a way that complied with CCA 1974 as Ms Bassano did not sign it. CCA 1974,
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