This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 414.— Referring to your answer to Question 451, I have read a decision of the courts to the effect that the words "until paid" as written in the note in question implies maturity. If so, and it was the intention that the note bear interest, at other than the legal rate, after maturity, it would be necessary to so make it read.
If I am right your answer to this question might be misleading.
Answer.—Doubtless the cases to which you refer as to the effect of the words "until paid," are: St. John v. Rykert, 10 Supreme Court Reports, 278, and People's Loan v. Grant, 18 Supreme Court Reports, 262. These cases were not overlooked when the answer to Question 451 was framed. It did not seem to us that the words " until paid " would be misleading, because they would no doubt be taken to have what has been held to be their true effect. Moreover, it did not seem to us that the question was directed in any way to the significance of these words. It was asked whether there was any legal objection to a note drawn in the form in question. The presence of the words "until paid," clearly constitutes no legal objection whatever. The note with these words is perfectly valid and effectual and the courts would give to these words their full significance and effect. How they should be properly construed is another question upon which the two cases above referred to are instructive.