Is equitable set-off applied to a mortgage on a parcel of land that was exchanged between two parties?
Alberta, Canada
The following excerpt is from 1297835 Alberta Ltd. v. Xtreme Coil Drilling Corp., 2010 ABQB 539 (CanLII):
Telford v. Holt: The parties traded two parcels of land, each receiving cash and a mortgage back from the other. The mortgages were separate agreements. In an action by an assignee on one mortgage, equitable set-off applied with respect to the debt owing on the second mortgage. The two mortgages were closely connected. They arose from a single land exchange deal, and were made with reference to one another.
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