Is a mortgagee who has made a loan on mortgage, but has not executed the mortgage deed, bound to give effect to a proviso that reduces the interest rate of interest on punctual payment?
Saskatchewan, Canada
The following excerpt is from Hart v. Great Western Securities & Trust Co, 1918 CanLII 129 (SK CA):
In Morgan v. Pike, 14 C.B. 473; 2 C.L.R. 696, it was held that a mortgagee who has made a loan on mortgage, but has not executed the mortgage deed (which has been executed by the mortgagor only) is bound to give effect to a proviso therein contained for the reduction of the rate of interest on punctual payment, or for allowing the loan to remain on mortgage for a certain time.
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