1.   It is unclear whether Mrs Clinton made such a disclosure.

2.   It would be necessary to make full disclosure of the arrangement in the financial statements.

3.   For example, the purchaser may be required to make disclosures either under the rules of a stock exchange or pursuant to a court order.

4.   In addition, the warranties encourage the vendor to make disclosures which relate to the quality of the assets.

5.   The vendor will seek to reduce the risk by making disclosures and limiting its liability for breach of warranty.

6.   Even if advance disclosure is made, further disclosure may be necessary at the time of a transaction if an actual conflict arises.

7.   However, it seems unlikely that it was intended that less disclosure should be made to private customers than to professionals.