Beasant v Lexicon Holdings Ltd & Anor

Beasant v Lexicon Holdings Ltd & Anor

The option was not validly exercised because Mr Beasant failed to provide proof of funds as required by Clause 2.2.1, which was a condition precedent. The evidence did not establish any equity or constructive trust preventing Lexicon from asserting its beneficial ownership. Summary judgment was appropriate to vacate...

Source-derived case information.

Parties
Claimant/part 20 Defendant: Steven Paul Beasant; Defendant/part 20 Claimant: Lexicon Holdings Limited; Defendant: Bryan Myer Fugler
Jurisdiction
England and Wales
Judgment Date
12 December 2006
Procedural Posture
Civil / Summary Judgment Application
Outcome
Summary judgment granted for the defendants.
Legal Topics
Option Agreements, Joint Venture, Constructive Trust, Proprietary Estoppel, Summary Judgment, Proof of Funds
Property Law Contract Law Equity Option Agreements Joint Venture Constructive Trust Proprietary Estoppel Summary Judgment +1 more

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Parties

Steven Paul Beasant

Claimant/part 20 Defendant

Lexicon Holdings Limited

Defendant/part 20 Claimant

Bryan Myer Fugler

Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether the option under the agreement was validly exercised
  2. 2 Whether proof of funds was provided as required by the agreement
  3. 3 Whether a Pallant v. Morgan constructive trust or proprietary estoppel arises

Ratio Decidendi

The option was not validly exercised because Mr Beasant failed to provide proof of funds as required by Clause 2.2.1, which was a condition precedent. The evidence did not establish any equity or constructive trust preventing Lexicon from asserting its beneficial ownership. Summary judgment was appropriate to vacate the caution.

Court Disposition

Summary judgment granted for the defendants.

Orders

  • Declaration that Lexicon Holdings Limited is the beneficial owner of the property.
  • Order that the caution registered by Mr Beasant against the property be vacated.