Logozzo v. Toronto-Dominion Bank, (1999) 126 O.A.C. 59 (CA)
Judge | Goudge, Borins and MacPherson, JJ.A. |
Court | Court of Appeal (Ontario) |
Case Date | August 13, 1999 |
Jurisdiction | Ontario |
Citations | (1999), 126 O.A.C. 59 (CA) |
Logozzo v. TD Bk. (1999), 126 O.A.C. 59 (CA)
MLB headnote and full text
Temp. Cite: [1999] O.A.C. TBEd. NO.014
Rodney Logozzo (applicant/respondent in appeal) v. The Toronto-Dominion Bank (respondent/respondent in appeal) and Leif Grann (third party/appellant in appeal)
(C31306)
Indexed As: Logozzo v. Toronto-Dominion Bank
Ontario Court of Appeal
Goudge, Borins and MacPherson, JJ.A.
November 3, 1999.
Summary:
A mortgagee entered into an agreement of purchase and sale of a property pursuant to its power of sale contained in the mortgage. The mortgagor applied for a declaration that he had the right to redeem the property prior to the closing date.
The Ontario Court (General Division), in a judgment reported at (1999), 83 O.T.C. 231, allowed the mortgagor's application. The proposed purchaser appealed.
The Ontario Court of Appeal, Goudge, J.A., dissenting, allowed the appeal.
Mortgages - Topic 4602
Redemption of mortgage - General principles - When available - A mortgagee entered into an agreement of purchase and sale of a property pursuant to its power of sale contained in the mortgage - The mortgagor sought to redeem the property prior to the closing date of the transaction pursuant to s. 22(1)(a) of the Mortgages Act -The Ontario Court of Appeal held that acceptance of the offer to purchase was a sale within the meaning of s. 22(1)(a) and put an end to the mortgagor's right to redeem - Moreover, the mortgagor had not fulfilled the necessary condition precedent to engaging s. 22(1)(a) as he failed to tender the amount due to discharge the mortgage - Also, the agreement of purchase and sale was not conditional, even though it contained an acknowledgment of the mortgagor's right of redemption up to a particular time, namely, the date of waiver or termination of the purchaser's right to raise objections to title - See paragraphs 1 to 56.
Mortgages - Topic 4614
Redemption of mortgage - General principles - When right expires - [See Mortgages - Topic 4602 ].
Cases Noticed:
Mission Construction Ltd. v. Seel Investments Ltd., [1973] 2 O.R. 190 (H.C.), refd to. [para. 23].
Daniels (Theodore) Ltd. v. Income Trust Co. (1982), 37 O.R.(2d) 316 (C.A.), refd to. [para. 25].
Standard Realty Co. v. Nicholson (1911), 24 O.L.R. 46 (K.B.), refd to. [para. 26].
Waring (Lord) v. London & Manchester Assurance Co., [1935] 1 Ch. 310, refd to. [para. 29].
Van Minnen Construction Ltd. v. Murphy (1977), 19 O.R.(2d) 125 (H.C.), refd to. [para. 33].
Scarborough (Township) v. Greater Toronto Investments Corp. (1956), 4 D.L.R.(2d) 396 (Ont. C.A.), refd to. [para. 35].
National Trust Co. v. Saad (1997), 33 O.R.(3d) 419; 10 R.P.R.(3d) 145 (Gen. Div.), dist. [para. 37].
Nalisa Investments Ltd. v. National Bank of Canada (1980), 28 Chitty's L.J. (Ont. H.C.), refd to. [para. 42].
Property & Bloodstock Ltd. v. Emerton, [1968] 1 Ch. 94 (C.A.), refd to. [para. 52].
London Drugs v. Kuehne & Nagle International Ltd. et al. - see London Drugs Ltd. v. Brassart and Vanwinkel.
London Drugs Ltd. v. Brassart and Vanwinkel, [1992] 3 S.C.R. 299; 143 N.R. 1; 18 B.C.A.C. 1; 31 W.A.C. 1; 97 D.L.R.(4th) 261, refd to. [para. 54].
Fraser River Pile & Dredge Ltd. v. Can-Dive Services Ltd. (1999), 245 N.R. 88; 127 B.C.A.C. 287; 207 W.A.C. 287 (S.C.C.), refd to. [para. 54].
Statutes Noticed:
Mortgages Act, R.S.O. 1990, c. M-40, sect. 22(1) [para. 5].
Authors and Works Noticed:
Falconbridge on Mortgages (4th Ed. 1977), pp. 721 to 722 [para. 22].
Counsel:
Michael Carter, for the appellant;
Walter Wieckowski, for the respondent, Logozzo;
B. Paul Jasiuara, for the respondent, Toronto-Dominion Bank.
This appeal was heard on August 13, 1999, before Goudge, Borins and MacPherson, JJ.A., of the Ontario Court of Appeal. On November 3, 1999, the decision of the court was released and the following opinions were filed:
Borins, J.A. (MacPherson, J.A., concurring) - see paragraphs 1 to 56;
Goudge, J.A., dissenting - see paragraphs 57 to 79.
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1016824 Ontario Ltd. v. Broadhurst et al., [2004] O.T.C. 1125 (SC)
...Cases Noticed: Arnold v. Bronstein et al., [1971] 1 O.R. 467 (H.C.), refd to. [para. 7, footnote 7]. Logozzo v. Toronto-Dominion Bank (1999), 126 O.A.C. 59; 45 O.R.(3d) 737 (C.A.), refd to. [para. 7, footnote Patrick Di Monte, for the plaintiff; Roy Wise, for the defendant, John Baranyai. T......
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