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The Court of Appeal held that on Lemon J.'s findings and the clear terms of the agreement the mortgage was deemed satisfied because the appellant failed to repurchase the property and that failure was not due to any fault of the respondent; accordingly the $800,000 mortgage must be discharged and the appeal dismissed with costs.
Source excerpt
The court dismissed a summary trial claim for unjust enrichment and quantum meruit, finding the partiesâ 2002 agreement supplied juristic reason and the evidence was too vague.
The court dismissed the plaintiffâs claim to set aside a condominium transfer, found no fiduciary duty or misrepresentation, and granted the defendants possession and rent.
The Supreme Court of Canada held that a land transaction was a sale with an option to repurchase, not a mortgage, and granted specific performance to the purchaser.
The Supreme Court of Canada held that an irregular land transaction was in substance a loan secured on land, not a sale, and refused to enforce the purchase-option clause.
The Supreme Court of Canada held that a share transfer with an option to repurchase was a true sale, not a mortgage, and that interim dividends belonged to the registered holder.
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