In what circumstances will the court look to the substance of the transaction rather than the value of the transactions?
British Columbia, Canada
The following excerpt is from Lalli v. Terra Firma Corp., 1998 CanLII 6085 (BC SC):
In the Royal Bank v. Tenco case the learned trial judge said that in a case such as his, the court should look to the true nature and substance of the transaction. I take that to be the correct approach to take in any case such as this. It is one I intend to follow.
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