FTR I’m not a lawyer. Just familiar with mortgages. I was genuinely just guessing there. Maybe they are bound by it and didn’t because they’re #######s.
IMO 7 calendar days should be enough to get a payout request done. But maybe not enough time to process the funding of your deal after MCAP gets the payout back and mail/wire funds before renewal date.
I’m surprised Scotia is fighting you. If they got the proceeds within a few days after you’d usually be fine. I wonder if the extra time/mail/holidays around Christmas meant they got it early Jan and that’s why. If so, that really sucks.
I’d support you fighting this to the ends of the earth.
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