Patrick Street Holdings Limited v. 11368 NL Inc.
The Court dismissed the appeal: it upheld the applications judge’s determination that the contractual rate of 18% applied to the Cheeke mortgage and, on the surplus issue, concluded the applications judge and this Court had previously determined that Patrick Street had not established any amount owing under mortgage 759678 and that estoppel doctrines (issue estoppel, cause of action estoppel) and abuse of process by relitigation barred Patrick Street from relitigating entitlement to the $4,000,000; accordingly the surplus (less Cheeke) was payable to 11368 and costs were awarded to 11368 on C…
Source excerpt
- Power of sale
- Surplus distribution
- Priority of encumbrances
- Collateral mortgage
- Guarantee
- Issue estoppel