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\f36\fs24\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 IN THE HIGH COURT OF FIJI
\par At Suva
\par Appellate Jurisdiction
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par CIVIL APPEAL NO. 13 OF 1991
\par 
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid8137918\charrsid8137918 Between:}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 NIRANJANS AUTOPORT LTD.}{\b\f0\lang2057\langfe5129\langnp2057\insrsid8137918\charrsid8137918 
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Appellant
\par 
\par - and -
\par 
\par }{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 TITUS ADIT NARAYAN}{\b\f0\lang2057\langfe5129\langnp2057\insrsid8137918\charrsid8137918 
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Respondent
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par Mr. H. Lateef for the Appellant
\par Mr. V. Parmanandam for the Respondent
\par }{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \qc \li0\ri0\nowidctlpar\tqc\tx3969\faauto\rin0\lin0\itap0\pararsid8137918 {\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 JUDGMENT
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\b\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 This is an appeal against the decision of the Suva Magistrate Court in which the appellant company was ordered to pay to the respondent a sum of }{
\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 $3,273.25}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  together with interest thereon of }{\b\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
13.5%}{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 .
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par The sum was the calculated rebate of }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "interest"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  paid by the re
spondent under a Bill of Sale granted to the appellant company to secure the balance purchase price of a new motor vehicle purchased by the respondent from the appellant company and which the respondent }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "paid-up"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  in full some 17 months prior to the date agreed for final payment.
\par 
\par {\*\bkmkstart QuickMark}{\*\bkmkend QuickMark}Why this occurred is not entirely clear but there is some evidence that the plaintiff }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  fell into - arrears in his repayments and the defendant company }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (appellant)}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  had made a demand through its bailiff for the seizure of the vehicle.}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Nothing is known about how far the defendant company }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (appellant)}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  had progressed in its seizure of the vehicle but in any event the plaintiff had a right to redeem the vehicle pursuant to }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Clause 2}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  of the Bill of Sale upon }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"... paying the sum of $26,357.12 ..."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par Against the decision the appellant company complains of the following errors on the part of the learned trial magistrate}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  
\par 
\par }\pard \ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\faauto\rin0\lin1440\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "(a)\tab ... in allowing rebate on the Bill of Sale;
\par }\pard \ql \fi-720\li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\faauto\rin0\lin1440\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (b)\tab ... in the construction and interpretation of the Bill of Sale; and 
\par }\pard \ql \fi-720\li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\faauto\rin0\lin1440\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (c)\tab ... in not adhering to a decision of the Fiji Court of Appeal."}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par This latter decision which was referred to the learned trial magistrate and forms part of the Magistrate Court record is entitled }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed v. Carpenters Limited}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Civil Appeal No. 74 of 1985}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 .
\par 
\par The respective positions adopted by the parties in the trial remained unchanged on appeal and may be summarised as follows}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par The plaintiff }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  claimed that he had settled the debt much earlier than anticipated under the Bill of
 Sale and was therefore entitled to a refund of }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 interest'}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{
\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 whereas}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  the defendant company (appellant) argued that the Bill of Sale was a contractual document}{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 which contained no provision for any rebate of interest for early repayment and in the absence of such a provision the plaintiff }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  was not legally entitled to claim or demand any.
\par 
\par The learned trial magistrate in dealing with this latter submission said}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "... I note that the Bill of Sale does not contain a}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 clause saying the plaintiff is entitled to such a}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
rebate - neither does the Bill of Sale specify}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 or clarify that he is not eligible for it.
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\tx-1440\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 In the absence of such a provision the Court is left}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 to determine this issue in light of the circumstances}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 surrounding each individual case."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par The learned trial magistrate then went on to say}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "I find that it would be harsh and unconscionable on the}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  
}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 plaintiff if the Court were to hold that the plaintiff is not entitled to the rebate.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 The defendant has}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 nothing to lose.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 The Bill of Sale is heavily loaded}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 in favour of the defendant.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
Not only is the interest calculated on the whole balance sum (instead of a more reasonable sliding scale) but the plaintiff is made to pay interest on a balance that does not exist when full payment is made in advance (as in this case)."}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par If I may say so this attitude of the learned trial magistrate appears to differ from that taken by the Fiji Court of Appeal in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed's}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  case }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (op cit)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  where at }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 p.5}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  the court observed of the absence of any provision for rebate of interest
 for early payment in the Bill of Sale there being discussed}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "There was no provision for rebate of interest for early payment.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 In the absence of legislation requiring provision for rebates for early payment the lack of such a provision in loan transactio
ns is quite common.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
There is no evidence from which we could conclude that such a lack of provision for rebate is harsh or unconscionable."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par Learned counsel for the respondent in seeking to distinguish the case of }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  characterised the above dict
um of the Court of Appeal as }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "obiter"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 .}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Counsel emphasised that in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed's}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 case the entire Bill of Sale was being challenged as being wholly }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 illegal, unenforceable and void'}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 , furthermore, the factual circumstances of the case were quite different f
rom the present in that the grantor of the Bill of Sale had defaulted in his repayments and the company had seized and sold the motor vehicle and was suing for the shortfall owing under the Bill of Sale.
\par 
\par In other words in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed's}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  case there was no
 question of an early repayment nor a claim for rebate of interest arising in such an event.}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
The question before the Court of Appeal was an almost purely theoretical one. In the circumstances it is not at all surprising that the Court of Appeal had no evidence before it upon which it could hold that the }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 mere absence}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  of such a provision in the Bill of Sale rendered the transaction }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 per se}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  harsh and unconscionable.
\par 
\par Indeed, the company's evidence on this aspect was that despite the absence of any provision in the Bill of Sale, in practice, interest would be adjusted on an early repayment.}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 This conduct by the company was described by the learned trial judge in the case as }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"... treating a customer fairly (by) allowing a rebate of part of the additional sum for early payment"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 .
\par 
\par Notwithstanding the absence of legislation requiring provision in Bills of Sale for rebates of interest on early repayment, I do not understand the Court of Appeal in the above passage from }{
\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed's}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  case to say that under no circumsta
nces could a court interfere if it was satisfied that the terms and conditions of a particular transaction were harsh and unconscionable.
\par 
\par Suffice it to say that the specific }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 problem'}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 encountered in this case did not fall to be considered by the Court of Appeal in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Bali Mohammed's}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  case }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 albeit}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 that the absence of any provision for a rebate of interest on early repayment is a feature common to both Bills of Sale.
\par 
\par There is nothing in the Bills of Sale Act }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Cap. 225}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  which might assist the Court in resolving the }{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
problem' but by way of analogy learned counsel for the appellant company submits that the court should adopt a position similar to that relating to mortgages of land as set out in }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
Section 72(2)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  of the Property Law Act }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Cap. 130}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 which provides}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "A mortgag
or is entitled to redeem the mortgaged property although the time for redemption appointed in the mortgage has not arrived; but in that case he shall pay to the mortgagee, in addition to any other moneys then due and owing under the mortgage, }{
\i\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 interest on the principal sum secured thereby for the unexpired portion of the term of the mortgage}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ."}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par In similar vein }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Halsbury}{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2707175 '}{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 s Laws of England}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  (4th edtn) }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Vol.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2707175  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 4}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  contains the following relevant passage about a grantor's right of redemption under a Bill of Sale}{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "751. Redemption.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  Quite independe}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ntly of the statutory relief, the grantor has an equitable right to redeem at any time before sale or foreclosure.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 He cannot ordinarily redeem before the time agreed for payment, for the grantee has the right to keep his money 
outstanding for the stipulated period in order that he can earn the full agreed interest}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ." }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (my underlining)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par The authority cited for the above proposition is }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Ex parte Ellis}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 [1898] 2 Q.B.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 79}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  in which the following passage occurs in the judgment of }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 A.L. Smith L.J.}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  at }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 p.81}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"I do not think that the Bill of Sale shall be given up where the grantee has seized for the purpose of maintaining and not of realising his secur}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 i}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ty.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 It would be a great hardship on him if it were otherwise.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 He has a contract whereby, in
 consideration of his lending a sum of money for a certain time, the grantor agrees to pay interest at a certain rate for that period ...}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 On the other hand if the grantee seizes the goods for the purpose of realising the security by sale of them, it is no hardship on him that on payment of the principal, }{
\i\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 interest up to date}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 , and costs he should be ordered to give up the security."}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par From the foregoing it is clear that the circumstances under which a mortgagor or grantor sought to exercise his equity of redemption weighed heavily with the Courts.}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Equally the purpose and intention of the mortgagee or grantee in seeking to enforce his security was also an important factor to be considered before granting relief against forfeiture.

\par 
\par In the present case however in the absence of any clear evidence to the contrary it is reasonable to assume that the respondent in fully paying-up the amount owed under the Bill of Sale was exercising his undoubted }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 equity of redemption'}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 within the terms of Clause 2 of the Bill of Sale.
\par 
\par Counsel for the respondent however in an attractive and}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
eloquent argument urges that the learned trial magistrate's judgment should be sustained as a decision which accords with }{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
social justice' and derives from the equitable discretion of the court to achieve fairness and do }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "justice"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 between litigants, and Counsel rhetorically asks}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"why should a citizen pay interest on a sum he no longer owed?"}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par Lord Esher M.R. in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Forster v. Clowser}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
[1897] 2 Q.B.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2707175  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 361}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 asked and answered a similar question in the following manner when he said at p.365}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "The question then, is not what is equitable or legal, but what is just.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 If the Court exercises its discretion wrongly, that is a matter for appeal.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Is it any injustice to the lender of the money to say that so long as th
e money is out of his pocket and not paid he should have interest for it, but that the interest should cease when the principal is paid with interest to the date of payment?}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 I cannot see anything unjust in such an order."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par On the other hand, the argument of Counsel for the appellant receives support from the dissenting judgment of }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Rigby L.J.}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  in the same decision where the learned justice said at p.367:
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "The arguments used in this case will apply equally to all cases of loans for a term of years at a fixed 
rate of interest.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
I do not think it can be said to the lender that he is just as well off and will get his money back if he is paid off at once, because that is not the bargain he has made."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par Additionally, this court is mindful of the words of Romer J. }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (as he then was)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  in }{
\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Biggs v. Hoddinott}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 [1898] 2 Ch D 307}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  when he cautioned at p.313}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"There is a great principle which I think ought to be adhered to by this Court, and by every Court where it can possibly do so; that is to say, that a man shall abide by his contracts, and that a man's contracts should be enforced as against him."}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par but even he acknowledged that}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
"Undoubtedly there are certain principles of equity, especially those relating to mortgages and mortgagees, which ha}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 ve to a certain extent interfer}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ed with that general principle."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par One such principle had been earlier canvassed by the Master of the Rolls in }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Parkin v. Thorold}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (1852)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 96 RR 32}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  at p.37 when he said of mortgages}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8137918 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "The contract between the mortgagor and mortgagee is precise; if the money an
d interest is not repaid on the day twelve - month on which the mortgage is made, the estate is to be the property of the mortgagee}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  the contract is positive and unambiguous, but a court of equity will not permit that contract to be enforced, and will restrain the parties from enforcing it at law.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
It treats the substance of the contract to be a security for the repayment of money advanced, and that portion of the contract which gives the estate to the mortgagee as mere form}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
; and accordingly, in direct viola
tion of the contract, it compels the mortgagee, so soon as he has been repaid his principal money and interest, and the costs he has been put to, to restore the estate; and this, although the parties have acted on the contract, and the mortgagee has taken
 possession on the day when default arose ..." }{\f0\lang2057\langfe5129\langnp2057\insrsid2707175 (my underlining)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par I am satisfied that a Bill of Sale is a form of }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 mortgage'}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 being }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "... an assignment of chattels as a security for the payment of a debt or the discharge of some other obligation for which it i
s given ... and (which) is redeemable on the payment or discharge of such debt or obligation, any provision to the contrary notwithstanding" [}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 per Lindley M.R. in }{
\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Santley v. Wilde}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (1899) 2 Ch.D.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 474]}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 .}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par But that alone does not entitle this or any other court from refusing to enforce an arms-length contract voluntarily entered into between experienced businessmen.
\par 
\par In this case learned counsel for the respondent has not been able to point to any particular provision of the Bill of Sale which is void }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 per se}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 or}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  
harsh and unconscionable nor has it been demonstrated to this court that there was any }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 clog'}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  or }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 fetter'}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  on the plaintiff's }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 equity of redemption.
\par 
\par Instead it is claimed in the face of an expressly agreed term in the Bill of Sale, that it is somehow }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ex post facto}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 harsh and unconscionable for the defendant }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (appellant)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 to retain that part of the interest payment which purports to relate to the unexpired portion of the term of the Bill of Sale.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8345426 
\par }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par Needless to say the plaintiff an experienced businessman was desirous of purchasing a new motor vehicle from the defendant company but because he was unable to pay the full purchase price at the time the defendant company }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (appellant)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  and he agreed that the balance should be paid-off in instalments over a period of 4 years with }{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 interest' being charged at the beginning for the entire term of the Bill of Sale.
\par 
\par That was the nature of the agreement entered into by the parties and which the plaintiff}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 at no stage of its existence challenged as being }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 harsh and unconscionable'}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 .}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Indeed I would go so far as to say that the plaintiff }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  must have known or realised that before he could }{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 redeem' the car he would have to pay the defendant the agreed sum of $26,357.12 together with the defendant's costs and expenses.
\par 
\par How can it now be said that because that event occurred }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (at the plaintiff's election)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 it is harsh and unconscionable for the defendant company to retain a portion of the }{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
interest' which was an integral part of the sum agreed to be paid in the contract in such an event}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 ?}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Farwell J.}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  in refusing to grant any relief to the plaintiff in }{
\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Mussen v. Van Diemen's Land Co}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 . }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 [1938] 1 Ch.}{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2707175  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 D 253}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  said at p.263}{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8345426 {\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 "It is no ground for relieving a person from a contract which he himself has made to say t
hat he has, through no fault of the defendant, found ... that it may turn out to be not a good bargain from his view point.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
Considerations of that sort are wholly irrel}{\i\f0\lang2057\langfe5129\langnp2057\insrsid8345426 ev}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 ant."}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par The mere fact that an agreement may with hindsight turn out to be not as good for one party as it might have been is no ground for invoking the assistance of equity.
\par 
\par Furthermore a decision of this court wh}{\f0\lang2057\langfe5129\langnp2057\insrsid8345426 ich seeks to superimpose a nebu}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
lous test of "fairness" on commercial contracts without reference to business realities would be an unwarranted interference with the freedom of businessmen to enter into agreements best suited to their interests.}{
\f0\lang2057\langfe5129\langnp2057\insrsid8137918  }{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (}{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 See}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 :}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 Knightsbridge Estates Trust v. Byrne}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  }{
\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 [1939] 1 Ch.}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2707175  }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 D 441}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  at pp. 453 to 458 in particular.)
\par 
\par For instance, in the present case it would have prevented the plaintiff }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (respondent)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 from obtaining financial terms which for obvious reasons he himself considered at the time he signed the Bill of Sale to be most desirable and fair.
\par 
\par With all due respect to the learned trial magistrate this was no
t a case of an unreasonable clog on the plaintiff's equity of redemption nor was it a case of a mortgagee exercising his power of sale under the Bill of Sale which would have entitled him to interest only up to the time of sale or seizure.
\par 
\par There was and is nothing }{\i\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 harsh or unconscionable'}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 in the terms and conditions of the Bill of Sale which was a normal commercial agreement voluntarily executed by both parties.
\par 
\par That is not to say that it might have been }{\f0\lang2057\langfe5129\langnp2057\insrsid8137918 '}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 fairer' }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
(for the plaintiff)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918  if interest had been calculated on a reducing balance }{\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 or}{
\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 if express provision had been made in the Bill of Sale for a rebate of interest on early repayment of the principal sum, but in the absence of such a provision or any undue pressure in the making of the Bill of Sale, the
re is no reason why the court should interfere.
\par 
\par Indeed the plaintiff voluntarily elected to pay off the balance purchase price early, and if he is thereby relieved from paying the agreed interest, then contrary to what the learned trial magistrate thought
, the defendant stood to lose out on that agreed interest.
\par 
\par Needless to say the defendant }{\i\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (appellant)}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
 would have been perfectly entitled to refuse to accept a lesser sum tendered to it and insisted upon a strict adherence to the terms of payment in the Bill of Sale in which case he would have received t}{\f0\lang2057\langfe5129\langnp2057\insrsid8345426 
he full benefit of his bargain.}{\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par 
\par Accordingly the appeal succeeds and the decision of the learned trial magistrate is set aside with costs to the appellant.
\par 
\par }\pard \qc \li0\ri0\nowidctlpar\tqc\tx3969\faauto\rin0\lin0\itap0\pararsid8137918 {\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 (D.V. Fatiaki)
\par }{\b\f0\ul\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 JUDGE}{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952\charrsid8137918 
\par At Suva,
\par 31st January, 1992.}{\b\f0\lang2057\langfe5129\langnp2057\insrsid2643952 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8137918 {\f0\lang2057\langfe5129\langnp2057\insrsid8137918 HBA0013J.91S}{\f0\lang2057\langfe5129\langnp2057\insrsid8137918\charrsid8137918 
\par }}