Demand Obligations - Divergences in Provincial Limitation and Prescription Periods.
Mondaq Business Briefing › Nbr. 2010, January 2010
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Demand Obligations - Divergences in Provincial Limitation and Prescription Periods.
Overview
The recent ruling of the Ontario Court of Appeal in Bank of Nova Scotia v. Williamson, 2009 ONCA 754 provides an opportunity to address the divergent ways that limitation periods in different provinces apply to various forms of demand obligation. Demand obligations play a key role in many financing transactions, and fall into two broad categories: (i) primary demand obligations (such as demand promissory notes and demand mortgages), and (ii) secondary demand obligations (such as demand guarantees and third-p...See the full content of this document
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