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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