SECTIONS 6 AND 7 OF THE CANADA INTEREST ACT: CURIOUSER AND CURIOUSER
Abstract
This article reviews the cases decided under sections 6 and 7 of the Canada Interest Act. It analyses the problems the courts have had with the application and interpretation of the sections during the more than one hundred years they have been in effect, and concludes that the sections have not served any of the purposes they may have been intended to serve. Finally, the article discusses the difficulties that the sections have given rise to in the light of commonly accepted principles of interest mathematics, and, on the basis of that discussion, concludes with some proposals for reform.Keywords:
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