Land sold to financial institution and re-sold to person
This section has no associated Explanatory Notes
13Paragraphs 14 and 15 apply where arrangements are entered into between a person and a financial institution under which—
(a)the institution—
(i)purchases a major interest in land (“the first transaction”), and
(ii)sells that interest to the person (“the second transaction”), and
(b)the person grants the institution a standard security over that interest.