Standard Reliance Mortgage Corporation v. Stubbs

Standard Reliance Mortgage Corporation v. Stubbs

The covenant in the mortgage stating the principal ($700) and the rate of interest (10% per annum) satisfied s.6 of the Interest Act because the statutory information (amount advanced and annual rate computed yearly and not in advance) was present in the deed; form is immaterial and therefore the mortgagee may...

Source-derived case information.

Citation
(1917) 55 SCR 422
Parties
Appellant (defendant): Standard Reliance Mortgage Corporation; Respondent (plaintiff): Lewis St. George Stubbs
Court
Supreme Court of Canada
Jurisdiction
Canada
Judgment Date
22 June 1917
Procedural Posture
Appeal Mortgage Interest/statutory Interpretation (interest Act R.s.c. 1906 C.120) / Appeal to Supreme Court of Canada; Final Judgment
Outcome
Appeal allowed; action dismissed.
Legal Topics
Interest Act R.s.c. 1906 C.120, Mortgage Blended Payments, Statement of Principal and Interest, Calculation of Interest
Source Language
english
Property Law Statutory Interpretation Contract Law Banking and Finance Interest Act R.s.c. 1906 C.120 Mortgage Blended Payments Statement of Principal and Interest Calculation of Interest

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Parties

Standard Reliance Mortgage Corporation

Appellant (defendant)

Lewis St. George Stubbs

Respondent (plaintiff)

Procedural Posture

Appeal Mortgage Interest/statutory Interpretation (interest Act R.s.c. 1906 C.120) / Appeal to Supreme Court of Canada; Final Judgment

Legal Issues

  1. 1 Whether a mortgage covenant stating the principal and an annual rate satisfies s.6 of the Interest Act where payments are blended
  2. 2 Whether the statute requires a detailed numerical breakdown showing how each instalment allocates between principal and interest
  3. 3 Legal effect under s.7 if the prescribed statement is absent or inconsistent

Ratio Decidendi

The covenant in the mortgage stating the principal ($700) and the rate of interest (10% per annum) satisfied s.6 of the Interest Act because the statutory information (amount advanced and annual rate computed yearly and not in advance) was present in the deed; form is immaterial and therefore the mortgagee may recover interest; appeal allowed and action dismissed.

Court Disposition

Appeal allowed; action dismissed.

Orders

  • Appeal allowed and action dismissed.
  • Costs to appellants in this Court and the courts below to be paid by the respondent.