Appeal regarding interest calculation on non-mortgage loans dismissed based on contract and statutory interpretation.
The appellants appealed a decision regarding the calculation of interest on non-mortgage loans.
The core issue was the interpretation of the loan contract and section 4 of the Interest Act.
The Supreme Court of Canada dismissed the appeal, agreeing substantially with the reasons of the Court of Appeal.
Bank of Nova Scotia v. Dunphy Leasing Enterprises Ltd., 1994 SCC 124