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George is 73 an in the mid stage of dementia> His wife, on whom he had reed for many year, died some three years ago. He owns his house outright-that is, there is no mortgage on it-and it currently valued at $450,000. George receives a wear widows pension and has a number of small investment that, all up, bring in about $400 a week He is completely reliant on his daughter, Lily, for all his needs.
Lily convinced George to approach easy finance company and enter in to an agreement with them to borrow $60,000. She told him that the money was needed for operation on his grandson. But it was actually for baseness venture that Lily wanted to enter in to. She told George that she would handle the documentation and the loan repayments once the money was approved, and that he was not to worry.
George duly made an application to the finance company with the help of Lily, who filled out the entire application> After easy finance investigated Georges financial background, it approved his loan on the basis of his ownership of his house. A first mortgage was taken out over the property as the security. When George attended loan company with the Lily, an employee told him that, as the loan was for less than $100,00, it wasnt necessary for him to consult a solicitor. Therefore, there was no need to take the papers away to read or to get independent advice on them. Further, Lily told him that she had read through the documents, and the there was nothing to worry about. George was not told what would happen if Lily failed to make payments on the loan, nor did he think to ask.
The repayments on the loan-that is, principal plus interest are $2000 per calendar month, and in fact exceed Georges monthly pension entitlements. Three months in to the loan, Lily defaulted and easy finance is now threatening to sell Georgass house.
Advice George, considering both the common law position and the statuary position
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