Calvert v. Municipal Mortgage Corp., [1966] N.B. Law News No. 26 (CA)

• Judge: Bridges, C.J.N.B., West and Limerick, JJ.A.
• Court: Court of Appeal (New Brunswick)
• Case Date: June 10, 1966
• Jurisdiction: New Brunswick
• Citations: [1966] N.B. Law News No. 26 (CA)

Calvert v. Municipal Mortgage, [1966] N.B. Law News No. 26 (CA)

MLB Law News

In The Matter Of "The Unconscionable Transactions Relief Act", being Chapter 14 of The Acts of the Legislature of the Province of New Brunswick (13 Elizabeth II) 1964

And In The Matter Of Margaret Jane Calvert (debtor) (appellant) v. The Municipal Mortgage Corporation Limited (creditor) (respondent)

(Archives RS43/1966)

Indexed As: Calvert v. Municipal Mortgage Corp.

New Brunswick Supreme Court

Appeal Division

Bridges, C.J.N.B., West and Limerick, JJ.A.

June 10, 1966.

Summary:

Contract and Unconscionable Transactions Relief Act - Appeal dismissed from judgment dismissing application under The Unconscionable Transactions Relief Act by debtor who borrowed $30,000. on security of second mortgage on leasehold property (1st mortgage approximately $17,000.) for five years at effective rate of 22.8 percent. Value of property accepted by trial judge at $60,000. The Unconscionable Transactions Relief Act passed subsequent to mortgage loan in question and Court states act has no retrospective effect. Court states that whether or not the act applies, appeal cannot be allowed and "apart from statute there is no restriction on the terms which may be agreed between a borrower and a lender for the payment of interest, and the ordinary principles of the law of contract governs such an agreement. 27 Halsbury's Laws of England, 3rd ed. page 11."

Correction: Court did not decide upon the retrospective effect of the Unconscionable Transactions Relief Act--question left open.

Contracts - Topic 9271

Unconscionable transactions relief - Persons entitled to relief or benefits - General - See paragraphs 1 to 7.

Counsel:

Guy Dumont, for the appellant;

J.Y. Arseneau, for the respondent.

This appeal was heard before Bridges, C.J.N.B., West and Limerick, JJ.A., of the New Brunswick Supreme Court, Appeal Division. West, J.A., delivered the following decision for the court on June 10, 1966.