In what circumstances will a mortgage company be found to have made a mistake in upholding the mortgage?
Ontario, Canada
The following excerpt is from Northern Electric and Manufacturing Co. v. Cordova Mines Ltd., 1914 CanLII 19 (ON CA):
In the present instance there was no mistake. Until about the time of the trial, the company was upholding the mortgage. And the real question here is not, “was the mortgage invalid for any reason?” but, “was it invalid for any reason of which the plaintiffs have a right to complain?” Walcott v. Lyons, 29 Ch. D. at p. 586.
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