Kreglinger V. New Patagonia Meat And Gold Storage Co. in Europe
Definition of Kreglinger V. New Patagonia Meat And Gold Storage Co.
([1914] A. C. 25). A stipulation in a mortgage for a collateral advantage is not invalid provided it imposes a purely personal obligation.
A firm of woolbrokers made a loan to a company carrying on business as meat preservers upon the security of a floating charge upon the undertaking of the company. The agreement provided that for five years from the date thereof the company should sell its sheepskins only to the lenders and should pay them a commission upon sales to others. Held, that the stipulation was a collateral bargain and a condition of the loan and was not invalid as a clog on the equity of redemption
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Definition of Kreglinger V. New Patagonia Meat And Gold Storage Co. is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.
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