If you owed less than the GIC was worth at maturity, it seems to me that they could have just let the interest on your line of credit accumulate over that period, so long as there would be enough in the end to pay everything off, and just wait for the payout to satisfy the entire debt. When I was with PCA, we often carried loans past due if there was a future event coming that would pay it off.
But strictly speaking, they probably couldn't just accept the certificate and say your loan was paid, until they converted that certificate to cash, either by selling it prior to maturity, or holding it to maturity as I noted above. Seems like they could have accommodated you, if they wanted to.
Guess I'm a little curious why it was such a hardship to pay interest on $10,000 for 4 months- even at 10% annual interest, that's only $333 total for 4 months.
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Today's Featured Article - A Lifetime of David Brown Tractors - by Samuel Kennedy. I was born in 1950 and reared on my family�s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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