Legal Blog:
Closing Delay
One of the more nerve-wracking experiences in the purchase of a new home is the wait for a closing date that seems to be an ever-elusive target. Continual delays cause major problems. For example, a purchaser who is selling a home to fund the purchase has to attempt to postpone the sale; if unsuccessful, the purchaser has to arrange alternate accommodations. All of this is costly. The Ontario New Home Warranty Plan Act and its regulations have provisions which allow, at some point in the delay process, a purchaser to receive some compensation. The effect of the Act was the subject of Markey v. Tarion Warranty Corp. [2005] OLATD No. 94 (Tribunal), [2006] O.J. No. 2929 (Div’l Ct.), a 2006 decision of the Ontario Divisional Court.
Continue Reading >Prudence Re-Visited
In our June 2006 newsletter, we dealt with Manufacturers Life Insurance v. Elgie, a 2006 decision of the Ontario Superior Court of Justice. The decision dealt with the duty of a mortgagee to manage seized assets prudently before the mortgagee sold them and the consequences for failing to do so.
Continue Reading >Non-Disclosure
Bankruptcy is a means by which our society allows unfortunate debtors to throw off their shackles of debt and start afresh. However, it should not be a means to allow fraudulent debtors to cheat their creditors. The case of Communication Technology Credit Union v. Schell, a 2006 decision of the Ontario Superior Court of Justice, was a case in which a judge had to determine whether the bankrupt was a fraud or just unfortunate.
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