Hong v. Yin
The settlement provision allowing immediate entry of judgment on default is an acceleration clause, not a forfeiture, and s.25 of the Law and Equity Act applies only to covenants in a mortgage of land or agreements for sale of land; because the settlement agreement did not create a legal or equitable mortgage or an agreement for sale and the CPL was not a pledge created by the agreement, relief from forfeiture under s.24/25 was unavailable; alternatively, even if available, the appellants failed to satisfy the discretionary criteria for relief.
Source excerpt
- Relief from forfeiture
- Acceleration clause
- Equitable mortgage
- Consent judgment
- Certificate of pending litigation
- Discretionary equitable relief