Wragge Lawrence Graham & Co

UK 200 2014 position: 28

Regulated Consumer Credit Act agreement can be concluded electronically

Bassano was a professional musician who took out a series of loans secured against her valuable viola. The first loan with Toft, a dealer in musical instruments, was for £100,000 and was secured by a chattel mortgage deed that contained a covenant to repay the principal and interest. The deed was not registered as a bill of sale, did not comply with the Bill of Sale Act (1878) Amendment Act 1882 and so was void and unenforceable.

Bassano paid some of the interest under the loan but none of the principal. Bassano then obtained a loan of £130,000 from Borro that was secured on the viola by way of a pledge. That loan agreement was completed online. Bassano made no repayments. Borro took possession of the viola. It was subsequently sold through a dealer to Biddulph for £230,000. That sum was paid into court. Toft and Borro sought repayment of the loans, plus interest. Borro claimed a priority security interest by reason of the pledge…

Click on the link below to read the rest of the Wragge & Co briefing.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Wragge Lawrence Graham & Co

View more briefings from Wragge Lawrence Graham & Co

Analysis from The Lawyer

  • Paul Wilson

    Regional: attempted merger

    Alliances, failed and successful, are the story of the year outside London

  • Belinda Bradberry

    Interior designs

    Polish up your retention policy - private practice lawyers are increasingly eyeing in-house roles

View more analysis from The Lawyer


2 Snowhill
B4 6WR

Turnover (£m): 121.16
No. of lawyers: 440