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RETAIL SHOP LEASES ACT 1994 - SECT 50A Release of assignor and any guarantor from lease

RETAIL SHOP LEASES ACT 1994 - SECT 50A

Release of assignor and any guarantor from lease

50A Release of assignor and any guarantor from lease

(1) This section applies to the assignment of a retail shop lease if—
(a) the assignor of the lease has complied with section 22B or any order mentioned in section 22E (2) imposed on the assignor; and
(b) the disclosure statement given by the assignor under section 22B or an order is not a defective statement.
(2) 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.
(3) In this section—


"defective statement" , for a disclosure statement, means a statement that—
(a) is incomplete in a material particular; or
(b) contains information that is false or misleading in a material particular.