First Island Financial Services Ltd. et al. v. 557596 B.C. Ltd. et al., 2002 BCSC 1348

• Judge: Lynn Smith, J.
• Court: Supreme Court of British Columbia (Canada)
• Case Date: July 25, 2002
• Jurisdiction: British Columbia
• Citations: 2002 BCSC 1348;[2002] B.C.T.C. 1348 (SC)

First Island Financial v. 557596 B.C., [2002] B.C.T.C. 1348 (SC)

MLB headnote and full text

Temp. Cite: [2002] B.C.T.C. TBEd. NO.021

First Island Financial Services Ltd. and Gertrud Dust (petitioners) v. 557596 B.C. Ltd., Henning Investment Corporation (formerly known as 544457 B.C. Ltd.), 551433 B.C. Ltd., Ventana Ventures Corp., James Bond, Gregory Young and 631858 B.C. Ltd. (respondents)

(H011653; 2002 BCSC 1348)

Indexed As: First Island Financial Services Ltd. et al. v. 557596 B.C. Ltd. et al.

British Columbia Supreme Court

Vancouver

Lynn Smith, J.

October 15, 2002.

Summary:

This headnote contains no summary.

Mortgages - Topic 4619

Redemption of mortgage - General principles - Amount required to redeem - See paragraphs 19 to 45.

Cases Noticed:

Tomell Investments Ltd. v. East Marstock Lands Ltd. et al., [1978] 1 S.C.R. 974; 16 N.R. 139, refd to. [para. 30].

Citizens Bank of Canada v. Babich et al., [2000] B.C.T.C. 415; 35 R.P.R.(3d) 17 (S.C. Master), refd to. [para. 30].

Pacific Playground Holdings Ltd. v. Endeavour Developments Ltd. et al., [2002] B.C.T.C. 126 (S.C.), refd to. [para. 30].

Starstoke Developments Inc. et al. v. Mod-Aire Homes Ltd. et al. (1997), 31 O.T.C. 20; 9 R.P.R.(3d) 200 (Gen. Div.), refd to. [para. 30].

Canada Trust Co. v. Heyer (1983), 43 B.C.L.R. 266 (S.C.), refd to. [para. 30].

Bonan et al. v. Millwick Financial Corp. Ltd. et al. (1978), 90 D.L.R.(3d) 533 (B.C.S.C.), refd to. [para. 30].

TD Trust Co. v. Guinness (1995), 12 B.C.L.R.(3d) 102 (S.C.), refd to. [para. 32].

Canadian Imperial Bank of Commerce v. Sovereign Life Insurance Co. et al. (1997), 92 B.C.A.C. 21; 150 W.A.C. 21; 35 B.C.L.R.(3d) 1 (C.A.), refd to. [para. 35].

Langley Lo-Cost Builders Ltd. v. 474835 B.C. Ltd. et al. (2000), 140 B.C.A.C. 182; 229 W.A.C. 182; 34 R.P.R.(2d) 312 (C.A.), refd to. [para. 39].

Mastercraft Properties Ltd. et al. v. EL EF Investments Inc. (1993), 64 O.A.C. 308; 32 R.P.R.(2d) 312 (C.A.), refd to. [para. 39].

Statutes Noticed:

Interest Act, R.S.C. 1985, c. I-15, sect. 8(1), sect. 8(2) [para. 21].

Authors and Works Noticed:

Falconbridge on Mortgages (4th Ed. 1977), p. 260 [para. 36].

Counsel:

P. Delsey, for the petitioners;

B. Promislow, for the respondent, 631858 B.C. Ltd.;

R. Baker and M.A. Naus, for the respondents, Henning Investment Corp., Ventana Ventures Corp. and James Bond.

This application was heard on July 25, 2002, before Lynn Smith, J., of the British Columbia Supreme Court, who delivered the following decision on October 15, 2002.

Please note: The following judgment has not been edited.