Can the assignee of a mortgage rely on the prior Notice of Sale?
Ontario, Canada
The following excerpt is from 2575105 Ontario Inc. v Diversified Capital Inc., 2017 ONSC 3809 (CanLII):
The assignee of a mortgage cannot rely on the prior Notice of Sale because it fails to strictly comply with the notice requirements in the Mortgages Act including identifying the party who holds the mortgage and from whom the mortgage may be redeemed. See Lee v. Korea Exchange Bank of Canada (1999), 1999 CanLII 14800 (ON SC), 44 O.R. (3d) 366, [1999] O.J. No. 2296 (S.C.J.). Cullity J. held that a mortgagee's right to sell pursuant to a Notice of Sale was not a right that could be assigned:
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