Nelson and others v. C.T.C. Mortgage Corp., [1986] 1 SCR 749

Nelson and others v. C.T.C. Mortgage Corp., [1986] 1 S.C.R.

749

Robert Hannes Nelson, Doris Merrill Nelson and Nationwide Auto Leasing Ltd.           Appellants;

and

C.T.C. Mortgage Corporation                                                          Respondent.

File No.: 19173.

1986: May 22; 1986: June 12.

Present: Beetz, McIntyre, Chouinard, Lamer and Wilson JJ.

on appeal from the court of appeal for british columbia

                   Mortgage ‑‑ Interest ‑‑ Method of calculation ‑‑ Whether the interest rate payable on the mortgage was a “criminal interest rate” ‑‑ Criminal Code, R.S.C. 1970, c. C‑34, s. 305.1 [en. 1980‑81‑82‑83, c. 43, s. 9].

                   Criminal law ‑‑ Mortgage ‑‑ Criminal interest rate ‑‑ Whether the interest rate on the mortgage violated s. 305.1  of the Criminal Code .

                   APPEAL from a judgment of the British Columbia Court of Appeal (1984), 16 D.L.R. (4th) 139, 59 B.C.L.R. 221, [1985] 2 W.W.R. 560, dismissing appellants' appeal from a judgment of MacDonell J., dismissing appellants' claim against respondent alleging that the mortgage agreement was void because it charged a criminal rate of interest contrary to s. 305.1  of the Criminal Code . Appeal dismissed.

                   D. W. Welder, for the appellants.

                   T. R. Braidwood, Q.C., for the respondent.

                   The following is the judgment delivered by

1.                The Court‑‑We agree in substance with the majority reasons of the British Columbia Court of Appeal.

2.                The appeal is dismissed with costs.

                   Appeal dismissed with costs.

                   Solicitor for the appellants: D. W. Welder, Kelowna.

                   Solicitors for the respondent: T. R. Braidwood and E. D. Crossin, Vancouver.