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…
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