The appellants appealed a summary judgment granting the respondent possession under a mortgage.
The appellants argued that the respondent was required to advance the full loan amount before acting on any default.
The Court of Appeal dismissed the appeal, finding that the General Security Agreement permitted the respondent to withhold payments upon an event of default, such as the borrowing company's voluntary bankruptcy.
As the remaining funds were not due before the default occurred, the respondent was entitled to move for possession.
