How have the receipt clause in a mortgage application been interpreted?
Ontario, Canada
The following excerpt is from London Loan Co. v. Manley, 1896 CanLII 32 (ON CA):
Gibbons, Q.C., for the appellants. The appellants were entitled to rely on the receipt clause, and to assume that the full amount of the consideration had been advanced: Bickerton v. Walker, 31 Ch. D. 151. Subsequent changes in the account an assignee takes the risk of. The plaintiff has been allowed the full amount of the mortgage on his purchase, and cannot now object.
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