Law360 Canada (July 24, 2024, 12:51 PM EDT) -- Appeal by Wing Wah Investment Inc. and Kevin Yi-Hsiung Hsieh (Wing Wah), from judge’s interpretation of interest provisions in mortgage, and from use of slip rule to correct amounts in order nisi years later. Wing Wah loaned $225,000 to respondent-borrower, Sathasivam, secured by a second mortgage. The first mortgage was held by the respondent-lender AKA Investments Ltd. (AKA) and secured a loan of $1.1 million. When Sathasivam defaulted, AKA commenced foreclosure proceedings in November 2019 and obtained an order nisi in 2020 with incorrect principal and interest amounts due to the wrong interest rate. Years later, a dispute arose over the interest owed to AKA after June 2020. Wing Wah asserted that the judge made errors in interpreting the mortgage as providing for 18 per cent interest after June 2020; failing to consider if the interest contravened the Interest Act; and, using the slip rule to vary substantive order terms of the order nisi years later without considering prejudice. Wing Wah argued no interest was owed after June 2020 or alternatively the 9.25 per cent rate in the order applied. AKA sought to correct the order to the 18 per cent rate using the slip rule or, alternatively, under the summary accounting term. The judge ruled in favour of AKA, finding that the 18 per cent interest applied and allowed the correction of the order nisi....