Allegations of imprudent lending or unconscionable conduct by a bank, even if factually true, do not constitute an arguable defence to a registered mortgagee's claim for possession and recovery of debt where the borrower admits the loans, the securities, and the default, and does not seek to set aside the mortgages but only to vary the loan terms. The three-part test for extension of time to appeal (adequate explanation for delay, merits of proposed appeal, good reason for relief) was applied and all three factors resolved against the applicant.
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