Bassano v Toft & Ors [2014] EWHC 377 (QB) (26 February 2014)

Bassano v Toft & Ors [2014] EWHC 377 (QB) (26 February 2014)

Mr Toft's loan is enforceable as a non-commercial agreement not made in the course of a business, and thus not subject to the Consumer Credit Act's licensing and formality requirements. Borro's electronic loan agreement is properly executed under the Act, and Borro did not lose its security interest as pledgee by parting with possession of the viola under the circumstances described.

Citation
[2014] EWHC 377 (QB)
Parties
Claimant: Kathryn Bassano; First Defendant: Alfred Toft; Second Defendants: Peter Biddulph and Peter Biddulph Ltd; Third Defendants: Borro Loan Ltd and Borro Loan 2 Ltd
Jurisdiction
England and Wales
Judgment Date
26 February 2014
Procedural Posture
Civil / Judgment After Trial
Outcome
Judgment for the First and Third Defendants.
Legal Topics
Consumer Credit Act 1974, Bills of Sale, Pledge and Security Interests, Electronic Signatures, Loan Agreements
Contract Law Consumer Credit Secured Transactions Consumer Credit Act 1974 Bills of Sale Pledge and Security Interests Electronic Signatures Loan Agreements

Case Brief

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Parties

Kathryn Bassano

Claimant

Alfred Toft

First Defendant

Peter Biddulph and Peter Biddulph Ltd

Second Defendants

Borro Loan Ltd and Borro Loan 2 Ltd

Third Defendants

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether the loan agreements are enforceable under the Consumer Credit Act 1974
  2. 2 Whether the chattel mortgage is void for non-registration and non-compliance with the Bills of Sale Act
  3. 3 Whether Borro's electronic loan agreement is properly executed under the Act

Ratio Decidendi

Mr Toft's loan is enforceable as a non-commercial agreement not made in the course of a business, and thus not subject to the Consumer Credit Act's licensing and formality requirements. Borro's electronic loan agreement is properly executed under the Act, and Borro did not lose its security interest as pledgee by parting with possession of the viola under the circumstances described.

Court Disposition

Judgment for the First and Third Defendants.

Orders

  • Mr Toft awarded £100,000 plus contractual interest at £2,500 per month uncompounded.
  • Borro Loan Ltd awarded £130,000 plus contractual interest at the agreed rate.