Can a mortgagee be considered a surety?
Prince Edward Island, Canada
The following excerpt is from Reid v. Royal Trust Corp., 1985 CanLII 3079 (PE SCAD):
However, in the present case there is privity between the purchasers and the mortgagee, which privity arises by reason of the agreement to assume the mortgage between the purchasers and the mortgagee. Forster v. Ivey can only stand for the proposition that where there is no privity between the purchasers and the mortgagee the status of the mortgagor does not change to that of a surety.
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