What is considered a "contingent" loan?
British Columbia, Canada
The following excerpt is from Kujala v. Pastulovic, 2021 BCCRT 119 (CanLII):
28. A loan that is repayable when the borrower “is able to pay” is considered a “contingent loan”. If the contingency – being able to pay – does not happen within a reasonable time, the loan nonetheless becomes payable after the passing of a reasonable period of time: Bellamy v. Ward, 2011 BCSC 551.
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