Does a limitation period apply to a demand mortgage?
British Columbia, Canada
The following excerpt is from Chan v 0975713 B.C. Ltd., 2018 BCSC 872 (CanLII):
In Mortgage Insurance Co. of Canada v. Grant Estate, 2009 ONCA 655, the court drew a distinction between limitation periods applicable to demand mortgages given by a surety and those given by the principal debtors to secure their own debt. The court stated that in respect of the latter, being applicable in this case, no demand is required:
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