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Equity - Equitable Mortgages. Bank of Montreal v. Georgakopoulos
In Bank of Montreal v. Georgakopoulos (Ont CA, 2021) the Court of Appeal considered the elements of 'equitable mortgages':[14] We also find no reversible error in the motion judge’s conclusion that there was no genuine issue requiring a trial as to whether to grant a declaration of an equitable mortgage. She adverted to the correct legal test for granting such relief as set out by this court in Elias Markets Ltd. (Re) (2006), 2006 CanLII 31904 (ON CA), 274 D.L.R. (4th) 166 (Ont. C.A.), at paras. 63-65. It was open to her on the Bank’s evidence to infer a common intention that advances would be secured against real property, and to consider the Toronto Property as coming within that common intention, given the prior dealings about mortgage financing for a new property and Peter’s use of the funds drawn from the Bank to pay down a mortgage on the newly acquired Toronto Property. As the motion judge noted, the appellants had provided no “coherent evidence” in response.
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