000			01426cam a2200241 4500
001			ABS63765
008			000000n2001 000 0 eng u
035			_a(Sirsi) u111741
245			_aR v Hackney LBC, ex parte Structadene Ltd
260			_c2001
490			_aEstates Gazette _v[2001] 12 EG 168-174(7)
520			_aQBD 10 November 2000. The council (A) decided to sell some industrial units occupied by tenants at auction. Company (B) expressed an interest in buying these. On the day of the auction A informed B the land was to be sold to the tenants at a cost of £400,00. B put in a higher offer, but this was rejected. In court A conceded it had acted unlawfully by not taking adequate steps, set out in the Local Government Act 1972 S123, to obtain best value for the units. However, A also contended that its contract with the tenants could not be set aside, due to the rights afforded to third parties by s128(2) of the 1972 Act. "Held": Application allowed and the contract was declared invalid. S128(2) only applies once a transaction has been completed.
590			_aABS
650			_aOPEN MARKET
650			_aLOCAL GOVERNMENT ACT 1972 S128(2)
650			_aLOCAL GOVERNMENT ACT 1972 S123
650			_aTHIRD PARTY RIGHTS
650			_aR V HACKNEY LBC EX P STRUCTADENE LTD
650			_aBEST VALUE
650			_aFIDUCIARY DUTY
690			_aPROPERTY AND LAND LAW-CASE LAW
942			_n0
999			_c66575 _d66575