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Legal Blog:
Oct
01
1999
Closing
We have had a clear rule of law in Ontario since at least 1974 as a result of the Court of Appeal decision in King v. Urban & Country Transport Ltd., 1 O.R. (2d) 449. Unfortunately, not all real estate lawyers understand the concept enunciated in that decision. The most recent case in which this misunderstanding is apparent is the 1999 unreported Ontario Court of Appeal decision in Domicile Developments Inc. v. MacTavish.
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01
1999
Assignment
There are two types of assignment of debt: legal and equitable. An equitable assignment can be loosely defined as any assignment that cannot be categorized as a legal assignment. A legal assignment is set out in section 53 in the Conveyancing and Law of Property Act. The key prerequisite to any legal assignment is that written notice of the assignment be given to the debtor.
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