Hyperlawhypertext legal database Canada Deposit Insurance Corp. v. Canadian Commercial Bank [1992] 2 SCR 3

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Canada Deposit Insurance Corp. v. Canadian Commercial Bank

[1992] 2 SCR 3 Court SCC Decision date 1992-05-06 Docket 22459 English

PartiesCanadian Commercial Bank Appellant·Bank of Canada Respondent

Judges Lamer, Antonio; La Forest, Gérard V.; L'Heureux-Dubé, Claire; Gonthier, Charles Doherty; Cory, Peter deCarteret; McLachlin, Beverley; Iacobucci, Frank

Decision 5–1–1 Majority (5) · Lamer C.J. (1) · Iacobucci J. (1)

On appeal from Alberta

Subjects Financial institutions

Contents

Majority

The judgment of the Court was delivered orally by

Lamer C.J.

Lamer C.J. ‑‑ It will not be necessary to hear from you Mr. Desrochers. The Court is ready to hand down judgment. The judgment will be pronounced by Mr. Justice Iacobucci.
//Iacobucci J.//

Iacobucci J.

Iacobucci J. ‑‑ We are all of the view that this appeal should be dismissed. We are in substantial agreement with the reasons given by Stratton J.A. in the Alberta Court of Appeal that interest on the Canadian Commercial Bank loans in question come within the charging provisions of the security agreements.
Accordingly, the appeal is dismissed. There shall be no order as to costs.
Judgment accordingly.
Solicitors for the Liquidator of Canadian Commercial Bank: Cruickshank, Karvellas, Layton & Connauton, Edmonton.
Special Counsel to the Liquidator: John A. Hustwick and David P. Jones, Edmonton.
Solicitors for the respondent: McCuaig Desrochers, Edmonton.