Release of assignor and any guarantor from lease
50A Release of assignor and any guarantor from lease
This section applies to the assignment of a retail shop lease if—
the assignor of the lease has complied with section 22B or any order mentioned in section 22E(2) imposed on the assignor; and
the disclosure statement given by the assignor under section 22B or an order is not a defective statement.
When the assignment is entered into, the assignor and any guarantor of the assignor are released from any liability under the lease resulting from a default by the assignee.
In this section—
defective statement, for a disclosure statement, means a statement that—
is incomplete in a material particular; or
contains information that is false or misleading in a material particular.
This Act’s bill:Explanatory memorandum
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.