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  "documentTitle": "Manulife Financial Corporation (MFC)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-04 00:00:00",
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  "notes": "Legal analysis of contract interpretation rules (plain meaning, intent, contra proferentem) applied to a specific insurance contract clause.",
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      "text": "Second, if contractual ambiguity exists... a court may consider the general rules of contract construction, which include the intent of the parties.",
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      "text": "Our understanding of Canadian law is as follows. The first question in contract interpretation is “what does the contract say? ... If and only if the contract is ambiguous, then one can look to other areas of contract interpretation.",
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      "text": "Finally, if there is still ambiguity, the court should apply the contra proferentem rule, which would mean siding against the party that drafted the contract.",
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      "text": "Carrier Fund: The Carrier Fund is a special account that holds funds in excess the maximum allowable tax exempt value calculated by the annual exempt test...",
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      "text": "On the contract’s face, the Carrier Fund looks to us, Mosten and probably thousands of other “average insured” to be an investment option. The following is an excerpt from the Mosten-Manulife Contract on the Carrier Fund:",
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      "kind": "paragraph",
      "text": "The issue is whether the Carrier Fund is supposed to be a “side account” that is only incidental to the Investment Account, which holds the life insurance and the tax-exempt investments, or is it an additional separate investment option?",
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