Reversion
Reversion
- 1994
- Estates Gazette Case Summaries (1994) EGCS 162 (29/10/94) .
"System Floors Ltd v Ruralpride Ltd and another" CA 18/10/94. Midland Oak Construction Ltd (M) granted to S, three leases of industrial premises. At the same time M and S entered into a written agreement (the side letter). By clause 4 of the side letter, M stated that its terms and provisions and the rights granted thereby were personal to S and were not capable of assignment to any other party, and would cease to have effect on the determination, surrender or expiration of the leases. When M agreed to sell the reversions to the leases to R an issue arose whether the terms of the side letter applied to R. Held that the obligations were personal to M. S appealed. Appeal allowed.
LEASES
REVERSIONARY INTERESTS
SIDE LETTERS
SYSTEM FLOORS LTD V RURALPRIDE LTD AND ANOTHER
"System Floors Ltd v Ruralpride Ltd and another" CA 18/10/94. Midland Oak Construction Ltd (M) granted to S, three leases of industrial premises. At the same time M and S entered into a written agreement (the side letter). By clause 4 of the side letter, M stated that its terms and provisions and the rights granted thereby were personal to S and were not capable of assignment to any other party, and would cease to have effect on the determination, surrender or expiration of the leases. When M agreed to sell the reversions to the leases to R an issue arose whether the terms of the side letter applied to R. Held that the obligations were personal to M. S appealed. Appeal allowed.
LEASES
REVERSIONARY INTERESTS
SIDE LETTERS
SYSTEM FLOORS LTD V RURALPRIDE LTD AND ANOTHER