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Fairclough v Swan Brewery [1912, Privy Council]

Facts

  • A term in a mortgage agreement provided that a mortgage was not redeemable until 6 weeks before the end of the 20 year mortgage term

Issue

  • Was this term enforceable?

Decision

  • No

Reasoning

  • It rendered the mortgagor’s equity of redemption illusory and so effectively destroyed it
  • The mortgage could be redeemed early
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