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Steven Pearlstein cited in recent Superior Court decision on mortgage interest

Jun 28, 2018

Image: Steven Pearlstein - Real Estate Lawyer

Real Estate lawyer, Steven Pearlstein, was cited in a recent Ontario Superior Court of Justice decision 2468390 Ontario Inc. v. 5F Investment Group Inc. regarding Section 17 of the Mortgages Act - not entitling a mortgagee to charge an additional three months' interest in respect of default by the mortgagor on a mortgage that has matured.

Justice Stewart cited Steven's 2008 paper "The Three Month Mortgage Penalty: Understanding the Principles" from the 5th Annual Real Estate Summit as one of the authorities to support the Court's decision that the approach taken in applying the three month mortgage penalty should not be used to convert what was a privilege in favour of the mortgagor under s. 17 of the Act into a penalty against the mortgagor.

The decision was included in the June 29, 2018, edition of Ontario Reports.

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