A transaction was held to be of a security nature and to confer right to redeem even though it purported to be merely an agreement of a lender to assign a life policy in event of certain contingencies. A clause which allowed the mortgagor only a limited time period within which to redeem the mortgage was void as a fetter on the mortgagor’s right to redeem.
Citations:
[1892] AC 1
Jurisdiction:
England and Wales
Equity
Updated: 24 November 2022; Ref: scu.219910