Canadian Imperial Bank of Commerce v. Rideout

Canadian Imperial Bank of Commerce v. Rideout

The court found no genuine issue of material fact and no outstanding question of law: the PLC and collateral mortgage unambiguously granted CIBC the right to demand repayment, to apply funds from the defendant's accounts to outstanding obligations, and to revoke the facility; accordingly summary judgment was mandatory under Rule 13 and foreclosure was ordered.

Citation
2018 NSSC 9
Parties
Plaintiff/applicant: Canadian Imperial Bank of Commerce; Defendant/respondent: Neil Llewellyn Rideout
Court
Supreme Court of Nova Scotia
Jurisdiction
Canada
Judgment Date
8 February 2018
Procedural Posture
Foreclosure; Summary Judgment on Evidence / Decision Following Motion for Summary Judgment and Foreclosure Order
Outcome
Summary judgment granted; defendant's defence dismissed; foreclosure, sale and possession ordered.
Legal Topics
Summary Judgment, Foreclosure, Set Off, Personal Line of Credit, Demand Loan, Collateral Mortgage, Default
Source Language
English
Civil Procedure Banking Law Mortgage Law Equity Summary Judgment Foreclosure Set Off Personal Line of Credit +3 more

Case Brief

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Parties

Canadian Imperial Bank of Commerce

Plaintiff/applicant

Neil Llewellyn Rideout

Defendant/respondent

Procedural Posture

Foreclosure; Summary Judgment on Evidence / Decision Following Motion for Summary Judgment and Foreclosure Order

Legal Issues

  1. 1 Whether there was a genuine issue of material fact requiring trial for the defendant's defence
  2. 2 Whether CIBC validly exercised its contractual right to demand repayment under the personal line of credit and collateral mortgage
  3. 3 Whether CIBC properly applied funds from the defendant’s chequing account to credit card accounts (set-off)

Ratio Decidendi

The court found no genuine issue of material fact and no outstanding question of law: the PLC and collateral mortgage unambiguously granted CIBC the right to demand repayment, to apply funds from the defendant's accounts to outstanding obligations, and to revoke the facility; accordingly summary judgment was mandatory under Rule 13 and foreclosure was ordered.

Court Disposition

Summary judgment granted; defendant's defence dismissed; foreclosure, sale and possession ordered.

Orders

  • Defendant's defence dismissed by summary judgment under Rule 13
  • Foreclosure, sale and possession ordered in favour of Canadian Imperial Bank of Commerce