When a mortgagee buys a mortgage property at a price that cannot be seen to reasonably reflect the true market value at the time of the sale of the mortgage, is the deficiency calculated at the subsequent sale?
New Brunswick, Canada
The following excerpt is from Scotia Mortgage Corporation v Braysford, 2011 CanLII 69907 (NB QB):
At law, where a mortgagee buys the mortgage property at a price that cannot be seen to reasonably reflect the true market value at the time of the public sale, the deficiency must be calculated at the time of the subsequent private sale. (see: Bank of Montreal v. Arseneau [2004] N.B.J. No. 50)
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
What is the difference between a mortgagee and mortgagee when the mortgagee buys in at the mortgage sale and later sells the property to a third party? (New Brunswick, Canada)
What is a mortgagee's duty to secure a reasonable price for a property subject to foreclosure and sale? (New Brunswick, Canada)
Does the presumptive nature of the marital property legislation apply to the provability of the family property claim in bankruptcy? (New Brunswick, Canada)
Can a property owner with a multi-use building whose property is a non-conforming use, move his tenants about the building without PAC approval? (New Brunswick, Canada)
What is the reasonable notice period for an employee to claim damages for non-payment of severance? (New Brunswick, Canada)
Is there a specific performance of a contract for the sale of reality? (New Brunswick, Canada)
What is the test for establishing a reasonable assumption of jurisdiction in real and substantial connection? (New Brunswick, Canada)
What is the meaning of the word "reasonable person" in the assessment of credibility? (New Brunswick, Canada)
Is there a conflict in the assessment of reasonableness between two separate decisions? (New Brunswick, Canada)
What factors must a judge consider in assessing a child's "best interests" when assessing a parent’s reasons for moving to a new location? (New Brunswick, Canada)
