Mistaken Discharge of Mortgage
In a recent appeal decision, the Court of Queen’s Bench has prevented borrowers from taking a $200,000 windfall from a mistake by a mortgage. In Crystal Wealth Management System Ltd. v. JC Food Services Ltd. (2019 ABQB 59), Justice Browne considered an appeal from Master Schlosser. The mortgage lender, Crystal, had discharged a mortgage granted […]
Continued payments of a borrower during and after Bankruptcy – does it release a personal covenant?
This was an appeal from a Master’s decision. The facts were that there were husband and wife borrowers who granted a high ratio mortgage in 2007 to Servus. The parties separated in 2015. The Wife made the payments from April 2015 to January 2017. In February 2016 the husband filed bankruptcy. Servus filed a proof […]
What the heck happened to the Fair Trading Act!!!!
Alberta’s mortgage lenders will need to prepare for significant changes to consumer protection legislation which are scheduled to come into force in January 2019. The A Better Deal For Consumers and Business Bill changed the name of Alberta’s Fair Trading Act to the Consumer Protection Act and introduces a number of significant changes that affect […]
Enforceability of administration fees and options when there is damage to mortgaged properties on possession
Several recent court decisions have provided clarity on areas of law of interest to lenders, including the enforceability of administration fees and options when there is damage to mortgaged properties on possession.