Guaranty Company of North America v. City of Regina / Hayes v. City of Regina / Preload Company of Canada Ltd. v. City of Regina

Guaranty Company of North America v. City of Regina / Hayes v. City of Regina / Preload Company of Canada Ltd. v. City of Regina

A conditional judgment that orders payment of a sum ascertainable after a fixed interim period (30 days) constitutes a sum "made payable by a judgment" under s.15 of the Interest Act once the amount becomes immediately ascertainable; interest runs from that time and the appeal dismissing the appellant's challenge follows.

Citation
[1962] SCR 186
Parties
Defendant by Counterclaim; Appellant: The Guarantee Company of North America; Defendant by Counterclaim; Plaintiff in Related Proceedings: Harrison Cooley Hayes, Trustee of The Preload Company of Canada Limited; Plaintiff by Counterclaim; Respondent: The City of Regina; Plaintiff; Bankrupt: The Preload Company of Canada Limited
Court
Supreme Court of Canada
Jurisdiction
Canada
Judgment Date
23 January 1962
Procedural Posture
Civil Appeal / Appeal to the Supreme Court of Canada From the Court of Appeal for Saskatchewan (final Hearing on Merits)
Outcome
Appeal dismissed
Legal Topics
Judgment Interest, Judgment Debt, Ascertainment of Damages, Interpretation of S.15 Interest Act, Distinction From Judgments Act Authorities
Source Language
English
Contract Suretyship Bankruptcy Civil Procedure Statutory Interpretation (interest Act) Judgment Interest Judgment Debt Ascertainment of Damages +2 more

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Parties

The Guarantee Company of North America

Defendant by Counterclaim; Appellant

Harrison Cooley Hayes, Trustee of The Preload Company of Canada Limited

Defendant by Counterclaim; Plaintiff in Related Proceedings

The City of Regina

Plaintiff by Counterclaim; Respondent

The Preload Company of Canada Limited

Plaintiff; Bankrupt

Procedural Posture

Civil Appeal / Appeal to the Supreme Court of Canada From the Court of Appeal for Saskatchewan (final Hearing on Merits)

Legal Issues

  1. 1 Whether the judgment constituted a "judgment debt" within the meaning of s.15 of the Interest Act
  2. 2 When interest begins to run on a conditional/ascertainable judgment sum
  3. 3 Whether further court reference was required to fix the amount payable

Ratio Decidendi

A conditional judgment that orders payment of a sum ascertainable after a fixed interim period (30 days) constitutes a sum "made payable by a judgment" under s.15 of the Interest Act once the amount becomes immediately ascertainable; interest runs from that time and the appeal dismissing the appellant's challenge follows.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed with costs to the respondent