In what circumstances will a moneylender be ordered to repay security taken in support of a loan?
British Columbia, Canada
The following excerpt is from Chambers v. Pennyfarthing Dev. Corp., 1985 CanLII 498 (BC CA):
There is no real analogy between the facts of those cases and the facts of this one. In Kasumu, the issue was whether a moneylender should be required to give back security taken in support of a loan, the loan contract being unenforceable. He contended that he should be required to restore the property only upon the borrower paying the amount advanced. That, of course, would simply have amounted to an indirect enforcement of the unenforceable contract. So the moneylender was ordered to return the security without compensation. The issue in Barclay v. Propsect Mtge. was essentially the same.
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