Can a mortgage that includes the word "principal" be used to refer to the term "Principal" in the mortgage?
British Columbia, Canada
The following excerpt is from Moore v. North Pacific Fish Ltd., 1980 CanLII 630 (BC SC):
The petitioner concedes that the difference in wording between cl. 5 of the mortgage and cl. 15 of col. 1 of Sched. 6, being the additional mention of "principal", does not take cl. 5 out of the Act and the mortgages must be construed as if they each contained the words in cl. 15 of col. 2. This was the decision of Macdonell L.J.S.C. in Ramsay v. McCormick, [1976] W.W.D. 108 (B.C.S.C.), where the mortgage clause in question there was identical to cl. 5 in this case.
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