Under a legal mortgage by demise1 the mortgagee becomes absolute owner of the mortgage term at law as soon as the day fixed for redemption is past, and the equity of redemption arises by virtue of the interference of equity to allow the mortgagor to redeem, notwithstanding that his legal right of redemption is gone2. The effect is the same in the case of a legal mortgage created by way of legal charge for, although there is no mortgage term, the mortgagee's rights are enforced in the same way as if a mortgage term had been created, and the
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
Issue estoppel is a sub-species of the res judicata doctrine (see Practice Note: The doctrine of res judicata). In addition to the general key requirements for establishing a res judicata (see Practice Note: Key requirements to establish a res judicata), this Practice Note considers the specific
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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