redeem, prior to maturity, some of its outstanding bonds on June 1, 1939, such bonds being payable in United States or Canadian funds at the holder's option and the holder (respondent) does not present the bonds on that date when the rate of exchange was 1% th of 1 per cent. but later forwards them to New York where, on September 20, 1939, the rate of exchange being per cent., they are presented to a paying agent, an American bank, with a demand that the amount be paid in American currency, but payment is refused by the bank under instructions from the appellant company, the holder (respondent) is entitled to bring an action in Quebec asking that the appellant be ordered to pay in Canadian funds an amount sufficient to purchase the required United States funds at the rate of exchange current on September 20, 1939.
The privilege of receiving payment in two currencies was not limited to the day of maturity of interest or principal.
The obligation of the appellant company, under the bonds, was not only to be ready and willing to pay the debt on the day fixed but to maintain that readiness until the debt was discharged. On the other hand, there was no duty upon the holder (respondent) to present the bonds for surrender on any particular day, and, consequently, there was no default by the latter through failure to act until September 20th, 1939.
Judgment of the appellate court (Q.R. [19441 K.B. 700) affirmed. APPEAL from a judgment of the Court of King's Bench, appeal side, province of Quebec (1) reversing the judgment of the Superior Court, Demers Philippe J. *PRESENT.-Rinfret C.J. and Hudson, Taschereau, Rand and Estey JJ. (1) Q.R. K13.