An implied obligation to repay a loan may be deflected by specifying a particular source of repayment and restricting the lender to that source. Where a deed provides that receipt of proceeds from a specified source constitutes 'full and final satisfaction' of funds advanced, the borrower's repayment obligation is limited to those proceeds. The commercial context — including the absence of interest provisions and the presence of profit-sharing arrangements — may support a construction that the lender shares in the risk of the venture being unsuccessful.
The full text is available to signed-in members, including the 13 later cases that cite this judgment.
2 of the 13 citing cases carry a classified treatment. How each court treated it is available to signed-in members.