Is a mortgage valid if it is a demand mortgage and only prepayments are made within the 10 year period?
Ontario, Canada
The following excerpt is from Bonner v. Bonner, 2012 ONSC 2538 (CanLII):
In the Alter v. Csontos case the mortgage was held to be valid. It was a demand mortgage and demand was made within the ten year period. The mortgage also provided for prepayment and no interest and a due on assignment clause.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Does a mortgage with attornation clause in the mortgage law apply to a mortgage where the mortgage is not attornment clause? (Ontario, Canada)
What is the limitation period for making a demand on a non-demand debt? (Ontario, Canada)
If a limitation period is extended after the expiry of the limitation period, is it appropriate to amend the statute of limitation period? (Ontario, Canada)
What is the effect of a mortgage where the mortgage was extended for an extended period of time? (Ontario, Canada)
What is the test for a mortgage lender's ability to assess the value of a mortgage security under mortgage law? (Ontario, Canada)
Is a license by parol as valid as a grant valid? (Ontario, Canada)
What is the effect of consolidating two mortgages into a single large mortgage registered on March 4, 2013? (Ontario, Canada)
Does the limitation period for damage caused by defective wiring in a car constitute a limitation period under the Highway Traffic Act? (Ontario, Canada)
In what circumstances will a mortgage company be found to have made a mistake in upholding the mortgage? (Ontario, Canada)
What is the contingency of new employment within the 11 month notice period? (Ontario, Canada)
