court of appeal updategreenspun.com : LUSENET : Repossession : One Thread
Just to let you all know (if you don't already) I spoke to the court of appeal today and the 3 cases we are all awaiting news on have been set aside for judgment at a later date....they were unable to give me anymore info for the judgment date...
-- amanda barton (email@example.com), July 26, 2002
And people wonder why the justice system has such a huge backlog of cases.....
-- Gordon Bennet (firstname.lastname@example.org), July 29, 2002.
CA has given judgment. No transcript available yet although a note of the judgment has been issued.
CA held that limitation period for shortfall is 12 years for principal (s20(1)) and 6 years for interest (s20(5)).
Also held that a covenant relating to repayment of mortgage shortfall does not give lender a separate cause of action.
Time starts to run,therefore, from the date that the lender could have first taken action against the debtor, subject to its extension by acknowledgment or part payment.
-- Guy Skipwith (email@example.com), August 02, 2002.
Do you know if MIG payouts by insurers as part of shortfall debt was dealt with?
-- Gordon Bennet (firstname.lastname@example.org), August 02, 2002.
Brilliant news for all of you close to the 12 year limit - now all I need is for the Lender not to get a MJO in the next few months....
-- Too scared to say (email@example.com), August 02, 2002.