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Limitation Periods: Coextensive For Guarantees; New Period for Demand Obligations by Stephen J. Redican
Borden Ladner Gervais LLP - Toronto Office
Alexander A. Singh
Borden Ladner Gervais LLP - Toronto Office
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October 12, 2009
Previously published on March 2009
In the fall 2008 Chorny decision of the Ontario Superior Court of Justice, it was held that the limitation period on a guarantee was co-extensive with that on the principal debt. In that decision, the Court applied the principle of co-extensiveness to find that the limitation period on the guarantee lapsed at the same time as it did on the principal obligations.
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