MORTGAGES - Mortgagee’s remedies - Power of sale - Validity

Law360 Canada (December 16, 2022, 6:29 AM EST) -- Appeal by Sheth from dismissal of her motion to set aside sale of her property and all her claims against the respondents. Sheth argued that the motion judge did not properly consider evidence of fraud and that the sale was improvident. Sheth had three mortgages on her property. She defaulted on her payment for her mortgages which led to lawsuits. The parties entered into a settlement agreement to resolve the two enforcement actions. Sheth did not pay on time as agreed. The motion for enforcement of the settlement was heard and Sheth was ordered to pay. Both Sheth and Bindaas tried to sell the property. Neither kept the other informed. The Bindaas group accepted an offer from 1103 Corp. Sheth accepted an offer from Abraham. Bindaas’ real estate solicitor sent Sheth’s real estate solicitor a discharge statement. Sheth disputed the amount because it was higher than the amount ordered. The deal between Bindaas and 1103 Corp. closed, and the property was transferred to 1103 Corp. The sale occurred by Power of Sale under the first mortgage. Sheth brought an emergency motion and obtained an order setting the amount required to discharge the two mortgages. Sheth did not attempt to register the order discharging the mortgages. Sheth continued to occupy the property and paid no rent to 1103 Corp. 1103 Corp. issued a notice requiring Sheth to vacate. Sheth issued a statement of claim suing all the respondents and sought an order setting aside the conveyance to 1103 Corp. The motion judge dismissed all Sheth’s claims except for the accounting by Bindaas....
LexisNexis® Research Solutions

Related Sections