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Even though HSBC is taking on SVBUK's debt, it still has to pay £1. This is necessary to make the contract legal. See https://help.seedlegals.com/en/2338976-w
by willvarfar 4y ago
Even though HSBC is taking on SVBUK's debt, it still has to pay £1. This is necessary to make the contract legal. See https://help.seedlegals.com/en/2338976-why-do-i-need-to-pay-1-consideration https://help.seedlegals.com/en/2338976-why-do-i-need-to-pay-...
This links to https://en.wikipedia.org/wiki/Peppercorn_(law) https://en.wikipedia.org/wiki/Peppercorn_(law)
When I was a kid I heard that some local farmers paid a peppercorn rent to the our local church to be able to farm some fields. At the time I really thought they were literally paying in pepper corns.
- denotational 4y ago> they were literally paying in pepper corns The lease for my old flat in London stipulated ground rent in the amount of one peppercorn per annum, so it’s not impossible!
- helsinkiandrew 4y agoMany old contracts still pay in actual peppercorns. https://www.bathchronicle.co.uk/news/bath-news/university-bath-paying-peppercorn-rent-1166973.amp https://www.bathchronicle.co.uk/news/bath-news/university-ba...
- woleium 4y agoit's because rent used to be paid as a portion of salary, which was an annual salt allowance before it referred to money. Pepper was "the other table spice" and was much cheaper, so was used in it's place to make documents legal.