Is a mortgagee required to pay interest at half yearly?

The defendant did not calculate interest monthly under the mortgage; it calculated interest half-yearly. There is no evidence that the plaintiffs were required to pay interest at a rate calculated other than half-yearly. In Stubbs v. Standard Reliance Mortgage Corporation, 1917 CanLII 592 (SCC), [1917] 3 W.W.R. 402, Mr. Justice Anglin said at page 409: The purpose of the statute is to protect the mortgagor against committing himself to an obligation to pay a higher rate of interest than he understood would be charged through the concealment of such higher rate in blended payments. This object is accomplished by requiring the statement showing the amount of principal advanced, and the rate of interest, depriving the mortgagee of any right to recover interest at a rate higher than that so shown, and if the prescribed statement is lacking taking from him all right to recover any interest. He also went on to say at page 409: As I said at the outset the construction of the statutory clause in question, [section 6 of the Interest Act] is by no means free from difficulty.