Supreme Court ‘joint loans’ ruling clarifies duties facing banks
Lenders making joint loans for non-commercial purposes should now identify all loans where one borrower receives an exclusive benefit and then ensure that the other borrower receives independent legal advice, an expert has said, after the UK’s highest court ruled that the existence of an exclusive benefit for one joint borrower raises a presumption that the other borrower may be under undue influence from the borrower receiving the exclusive benefit.
