What is the effect of a receivership deed on a mortgaged property?
Saskatchewan, Canada
The following excerpt is from First National Bank v. Cudmore, 1917 CanLII 246 (SK CA):
Jolly v. Arbuthnot (1859) 4 Dep. & J. 224; 28 L.J. Ch. 547; 45 E.R. 87, is a case where a mortgage deed was made to the mortgagor and a receivership deed was made contemporaneously by which the mortgagor and mortgagee appointed a receiver and constituted him their agent and attorney to receive the rents of the mortgaged property and to use such remedies by way of entry and distress as should be requisite for that purpose. By the same deed the mortgagor attorned as tenant from year to year to the receiver.
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