Supreme Court

Decision Information

Federal Business Development Bank v Construction J.C. Cote Ltee.

Court Supreme Court
Date 1994-05-13
Other citations [1994] N.W.T.R. 297
File numbers CV 04680
Judge(s) Vertes
Location Yellowknife
Cases and statutes considered Cases considered:
Cameron v. Bank of Nova Scotia (1981), 38 C.B.R. (N.S.) 1 (N.S.C.A.)
Bank of Toronto v. Matheson, [1928] 1 W.W.R. 846 (Sask. K.B.)
Allen v. Greaves (1982), 44 A.R. 300 (Master)
R. v. Ron Engineering & Construction (Eastern) Ltd. (1981), 119 D.L.R. (3d) 267
Bank of British Columbia v. Crowe (1986), 124 A.R. 239 (C.A.)
Hector's Ltd. v. 26th Avenue Estates Ltd. (1963), 43 W.W.R. 85 (Alta. S.C.)
Salima Investments v. Bank of Montreal (1986), 59 C.B.R. (N.S.) 242 (Alta. C.A.)
First Western Capital v. Taylor, [1980] 6 W.W.R. 69 (B.C.S.C.)
Reed v. Renton, [1924] W.W.R. 881 (Alta. S.C.)
Pew v. Zinck, [1953] 1 S.C.R. 285
Marahrens v. Oluk, [1974] 3 W.W.R. 300 (Alta. C.A.)
Morguard Mortgage v. Faro Development, [1975] 1 W.W.R. 737 (Alta. C.A.)
Northguard v. Kurtz (1977), 3 Alta. L.R. (2d) 172 (C.A.)

Statutes considered:
Judicature Act, R.S.N.W.T. 1988, c. J-1, s. 30
Judicature Act, R.S.N.W.T. 1988, c. J-1, s. 28
Decision information:

Abstract: This is an application for an order confirming a judicial sale in a foreclosure action. The issue raised is whether the high bidder on the tender sale should be allowed to revoke its tender or should it be compelled to proceed with the purchase according to its tender. A further application is made to extend the redemption period until such time as the sale is completed
Decision: The tender submitted by Roch Lessard Inc. was irrevocable pursuant to the terms and conditions of the advertisement for judicial sale. However, the Court determined that the description of the sale item was defective since there were four vehicles identified as being part of the sale that were not in fact available. The Court cannot remake the bargain entered into and therefore it would be appropriate to allow the tenderer, Roch Lessard Inc. to withdraw its tender and to recover its deposit. The bid of the second highest tenderer, Toonoonik Sahoonid, is accepted and the sale of the leasehold interest and chattels is directed by the Court. There application to extend the redemption period until the time that the sale is completed was denied.
Subjects: Mortgages - Judicial Sale - Tenders - Acceptance - Jurisdiction of court
Mortgages - Redemption - Time for redemption - After order approving sale

Decision Content

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