000			01674cab a2200241 4500
001			ABS52191
008			090401t1995 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u65191
041			_aeng
245			_aAgricultural Mortgage Corporation plc v Woodward and another
260			_c1995
350			_a0
490			_aEstates Gazette _v(1995) 04 EG 155-160(6)
520			_aCA 19 May 1994. In April 1989 W charged his agricultural holding to X as security for a loan. W fell into arrears and X set a deadline of 18 April 1992 for these to be cleared. By an agreement dated 16 April 1992 W granted his wife, a tenancy on the property. No consent was sought or obtained from X as provided for by the legal charge. Law of Property Act 1925 s99 confers limited powers of leasing on a mortgagor which under Agricultural Holdings Act 1986 cannot be contractually excluded. The value of the farm with vacant possession was £1m but with the purported tenancy fell to £500,000. Held that the tenancy agreement was entered into by W for the purpose of prejudicing the interests of X under Insolvency Act 1986 s423(3)(c) but dismissed X`s claim for summary judgment. X appealed on the grounds that W deliberately caused the value of the property to fall and the transaction should be set aside as a transaction defrauding X. Appeal allowed.
650			_aAGRICULTURAL HOLDINGS ACT 1986
650			_aPROPERTY-LANDLORD AND TENANT-TENANCIES-AGRICULTURAL TENANCIES
650			_aINSOLVENCY ACT 1986 S423(3)(C)
650			_aLAW OF PROPERTY ACT 1925 S99
650			_aMORTGAGE PAYMENTS
690			_aPROPERTY LAW AND PRACTICE-CASE LAW
942			_n0
948			_c04/03/1997
999			_c40647 _d40647