sec.50ARelease of assignor and any guarantor from lease

sec.50A Release of assignor and any guarantor from lease

This section applies to the assignment of a retail shop lease if— the assignor of the lease has complied with section 22B or any order mentioned in section 22E (2) imposed on the assignor; and the disclosure statement given by the assignor under section 22B or an order is not a defective statement. 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. In this section— defective statement , for a disclosure statement, means a statement that— is incomplete in a material particular; or contains information that is false or misleading in a material particular. s 50A ins 2006 No. 4 s 30 sub 2016 No. 21 s 51 (sec.50A-ssec.1) This section applies to the assignment of a retail shop lease if— the assignor of the lease has complied with section 22B or any order mentioned in section 22E (2) imposed on the assignor; and the disclosure statement given by the assignor under section 22B or an order is not a defective statement. (sec.50A-ssec.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. (sec.50A-ssec.3) In this section— defective statement , for a disclosure statement, means a statement that— is incomplete in a material particular; or contains information that is false or misleading in a material particular.

• (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.
• (a) is incomplete in a material particular; or
• (b) contains information that is false or misleading in a material particular.