Can a puisne mortgagee purchase a mortgaged property?
Saskatchewan, Canada
The following excerpt is from Farrow v. Massey-Harris Co. Ltd., 1927 CanLII 169 (SK CA):
In Shaw v. Bunny (1865) 2 DeG. J. & S. 468, 34 L.J. Ch. 257 (46 E.R. 456), it was held according to the headnote (L.J. Ch.) that: There is no rule in equity which precludes a puisne mortgagee from purchasing the mortgaged property on the occasion of the exercise by a prior mortgagee of his power of sale, and a puisne mortgagee so purchasing acquires as against the mortgagor an absolute irredeemable title.
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