Is a mortgagee entitled to recover funds that are more than the principal amount advanced?
Ontario, Canada
The following excerpt is from Stoney Creek v. 2459437 Ontario Inc., 2019 CanLII 75328 (ON SC):
The applicant argued that the respondent is not entitled to repayment of funds that is more that the principal amount advanced. It relies upon a line of cases that originate in Edmonds v. Hamilton Provident & Loan Society,[1] for the general rule that a mortgage can only claim interest from the time the money is advanced, and if a mortgagee advances less than the face value of the mortgage, it can only recover the amount advanced.[2]
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