What is the test for establishing that poor and ignorant persons entitled to a reversionary interest have been induced to sell at an undervalue?
Newfoundland and Labrador, Canada
The following excerpt is from Downer v Pitcher, 2017 NLCA 13 (CanLII):
The decision of Kay J. in Fry v. Lane (1888), 40 Ch. D. 312, which dealt with a case of poor and ignorant persons entitled to a reversionary interest who were induced to sell at an undervalue without independent advice, attempted to express the applicable principles in terms of the ignorance and vulnerability of the vendors, regardless of their reversionary status, thus providing a more general and broader principle for the exercise of the equitable jurisdiction.
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