Legally Speaking Interest Reduced #178

Anyone paying or expecting to receive interest at a rate of say 1 ½ % per month, should check the contract under which interest is payable to see if it contains a statement of the yearly rate…

Legally Speaking Interest Calculation #95

Have you ever had a vague suspicion that the interest quoted to you on the pay-out of a loan was higher than it should be…

Legally Speaking Locked-in Mortgage – No right to prepay #84

There must still be some high interest mortgages in force because I have received several calls from licensees asking for an update of columns 38 and 39 in which the question of whether or not a locked-in mortgage…

Legally Speaking Damages for Breach of Contract – Avoided or Reduced #64

Usually a judge will not assist a person who is in breach of contract, to avoid the consequences of that person’s default…

Legally Speaking Locked-In Mortgages – a Further Report; Non-Refundable Deposits – a Further Comment #56

The battle to force a mortgagee to accept prepayment of a locked-in, high-interest rate mortgage which had been renewed after the initial term of five years had expired, continues on several fronts within the legal…

Legally Speaking Royal Trust Company Mortgage Renewal Agreement #47

Another case has decided whether or not a mortgagor with a low interest five year mortgage which was renewed during the period of high interest rates had the right to prepay it in spite of the terms of the renewal…

Legally Speaking Prepayment of a Locked in Mortgage (#2 – A B.C. Decision) #39

Column No. 38 reviewed the impact of a 1980 Ontario decision interpreting the provisions of the Ontario Mortgage Act in a way which gave a mortgagor who appeared to be locked into a high interest renewed mortgage the…

Legally Speaking Prepayment of a Locked in Mortgage #38

The contrast between today’s relatively low rates of interest and the high rates found in mortgages which were renewed in 1982 has led the mortgagor with a closed renewal mortgage to try to find ways in which the…

Legally Speaking Increases in Annual Rentals and Interest Rates Under the Interest Act #15

Before we leave 1981, we should refer you to two columns in which the Court cases upon which the discussions in both columns were based, were either appealed or affected by a decision in a separate case…

Legally Speaking A Vendor May Stipulate a Higher Rate of Interest Apply if Default Occurs on the Part of the Purchaser #7

Occasionally, a vendor who has agreed to carry part of the sale price on a mortgage, agrees to take a lower rate of interest than the current rate, because the remaining terms of the sale justify that decision…