LRC Reports

The Calculation of Interest on Foreclosure (1980)

Keywords: calculation; interest; foreclosure; mortgage; redemption; accounting; registrar; notice; land; order; nisi; sale; default; remedy

A mortgagor who wishes to redeem land that is subject to a foreclosure proceeding must, among other things, pay the interest that has accrued on the loan. This project concerns a divergence that had developed in the courts on how such interest should be calculated. Should the interest be payable only to the date of redemption? Or should it be payable for the entire redemption period, which typically runs for six months?

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