Top Story - The Final Word on Criminal Rate of Interest Severance
Date:
March 1 2004
Peter Cavanagh and Eric Hoffstein of Fraser Milner Casgrain recently argued the Transport North American Express Inc. case (see our earlier comments in Issue Nos. 52, 54, 56 and 57) at the Supreme Court of Canada. The court “read down” illegal interest rate provisions of a contract to allow the rate of interest to fall within the legal limit. The court said that doing so would most closely preserve the original intentions of the parties. This decision substantially broadens judges’ powers to cure illegal contracts.
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