What is the state of the law in relation to a mortgage?
Ontario, Canada
The following excerpt is from In re Bozanich, 1941 CanLII 17 (ON CA):
I cannot hold this is not a settlement because the property in question was money paid without condition or restriction as to its disposition as in In re Cohen v. Mahlin (supra), and Re Player (supra). The giving of the mortgage constituted a disposition of property for the benefit of the defendant mortgagee subject to the restrictions and conditions as to the retention of the property as contained in the mortgage.
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