Rice mortgaged lease of public house to Noakes and Co,
Provision in mortgage that Rice would obtain his
liquor supplies solely from Noakes.
Obligation extended beyond mortgage term.
House of Lords thought it corollary of right to redeem
property that property, after redemption, must be in same condition as before
Provision therefore clog or fetter on right to redeem.
Lord Davey –
Santley wrongly decided and provision for share of
profits should have been classified as fetter.