What is the effect of an order for foreclosure of a mortgage or encumbrance?

The 1919 amendment to the Land Titles Act of 1906, which is the amendment which gave rise to the issue before the court in Sayre v. Security Trust Co., was the addition of s. 62b. It provided: “62b. The effect of an order for foreclosure of a mortgage, or encumbrance heretofore or hereafter made by any court or judge or by any registrar shall be to vest the title of the land affected thereby in the mortgagee or encumbrancee free from all right and equity of redemption on the part of the owner, mortgagor or encumbrancer or any person claiming through or under him subsequently to the mortgage or encumbrance, and shall from and after the date of the passing of this section operate as full satisfaction of the debt secured by such mortgage or encumbrance. Such mortgagee or encumbrance shall be deemed a transferee of the land and become the owner thereof and be entitled to receive a certificate of title for the same.”