Index card Imperial Life Assurance Co of Canada v Efficient Distributors Ltd

Imperial Life Assurance Co of Canada v Efficient Distributors Ltd

Hearings

Bahamas

09 Mar 1992 [1992] 2 AC 85; [1992] 2 WLR 503, PC

Subject Matter

MORTGAGE — Bahamas, the — Mortgage — Statutory interest restriction — Loan by lender to borrower at rate of interest within prescribed limit — Mortgage entitling lender to capitalise arrears of interest — Borrower in default in monthly instalments of combined principal and interest — Whether rate of interest on original loan and accumulated arrears of interest exceeding statutory limit — Validity of mortgage — Rate of Interest Act 1948, ss 3, 4

[1992] 2 AC 85; [1992] 2 WLR 503

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