The following Property Disputes Q&A provides comprehensive and up to date legal information covering:
This Q&A relates to a charge debt, and not to a charging order. Section 20 of the Limitation Act 1980 (LA 1980) does not apply to charging orders.
On that assumption, typically, claims for a mortgage or charge debt are governed by LA 1980, s 20 (and not LA 1980, ss 5 and 8).
LA 1980, s 20 provides that no claim shall be brought to recover:
‘…(a) any principal sum of money secured by a mortgage or other charge on property (whether real or personal); or(b) proceeds of the sale of land;after the expiration of 12 years from the date on which the right to receive th
‘…(a) any principal sum of money secured by a mortgage or other charge on property (whether real or personal); or
(b) proceeds of the sale of land;
after the expiration of 12 years from the date on which the right to receive th
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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:
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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