How does the mortgage rate apply in the foreclosure proceedings?
British Columbia, Canada
The following excerpt is from Yorkshire Trust Co. v. MacIntosh & Norman (1981) Ltd., 1996 CanLII 2853 (BC CA):
3 This court has decided this point against the appellant in Courtenay Savings Credit Union v. Harle (1987), 13 (B.C.L.R) (2d) 357, where it was decided that the mortgage rate applies in the foreclosure proceedings even though interest on the personal covenants may only be charged at the rate provided by the Interest Act. We need say nothing further about that matter.
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