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Royal bank to compensate Sag Motors over half a million dollars

first_img Share Sharing is caring! 152 Views   2 comments Share LocalNews Royal bank to compensate Sag Motors over half a million dollars by: – December 13, 2011center_img Tweet Photo credit: rbc.comThe Royal Bank of Canada has consented to compensate Sag Motors Company Limited; Desmond Carlisle and Sylvia Bruney over half a million dollars in a lawsuit between both parties.The Bank obtained a judgment in default of appearance against the Defendants in respect of two mortgage claims with an amount of $285, 588.05 and $564, 282.75 in suits # 78 of 1999 and 79 of 1999 respectively.That judgment in default was appealed by Desmond Carlisle as he claimed that the judgment was wrong. Mr. Carlisle succeeded at the High Court of Justice before Justice Brian Cottle who stated that the Bank could not charge interest on interest and that is “simply wrong”.Justice Brian Cottle ruled on 28th June, 2010 that the judgments in default of appearance # 79 of 1999 be varied to read judgment for the claimant in the amount of $285, 588.06 which is the principal sum outstanding as at 31st January, 1999 plus interest on that sum at the contractually agreed rate of 12 ½ % from that date until payment.”However the Defendant disagreed with the amount which was awarded by Justice Cottle and appealed the decision to the Court of Appeal.The parties appeared before the Court of Appeal on 11th November, 2011 and the three justices ruled that Justice Cottle’s decision be varied further and awarded $547, 410. 42.The Bank has now conceded to repay the Defendant the sum of $527, 976. 26 which is an overpayment of the mortgage claim by 4pm on Tuesday.Dominica Vibes News will follow this matter and provide details as they become available.Dominica Vibes News Sharelast_img

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