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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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My lender has mislaid my business loan agreement which is for

Resolved Question:

My lender has mislaid my business loan agreement which is for 25 yrs and was taken out in 2004 how do both parties stand legally
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hi thanks for your question. My name isXXXXX can assist with this.

tdlawyer :

Are you asking whether the agreement will remain enforceable? And, was it secured on property at all?

Customer:

It is a business loan secured on a property .The bank paid a visit today and they wanted to know whether i have any documents ,because they have lost their originals. They claim that they are losing money out of this deal which i have with them.

tdlawyer :

I see. Okay. I'm surprised they haven't retained a copy, but also, I'm surprised they haven't got the terms filed at the land registry, along with the charge document that gives the security over the property.

tdlawyer :

They might be able to get copies from the land registry then, if they have copies there. Sometimes they done, sometimes they do not.

tdlawyer :

A search can be done agains the property at www.langreg.gov.uk

Customer:

If it,s lost is it enforceable.

tdlawyer :

Yes, it will still be enforceable. However, if there is a dispute over what the terms of the agreement was, then the Court has to hear from both parties as to their recollection of what they were. It might be that the bank can produce evidence of standards agreements they used back in 2004 (although the fact they asked you for a copy, suggests they might not be able to), and if they do, then this is good evidence of the agreement terms that applied.

tdlawyer :

But in short, you wouldn't normally be able to say the agreement is unenforceable simply because the agreement is lost.

tdlawyer :

I appreciate this might not be the answer you wanted to see ... but does it make sense? Do you want me to clarify anything about it for you?

tdlawyer :

Can I ask whether you're happy with the service so far please?

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