What are the implications of a mortgage where the mortgage is secured by a third party mortgagee?
British Columbia, Canada
The following excerpt is from Degelder Construction et al. v. Dancorp Developments et al., 2000 BCSC 1095 (CanLII):
Before dealing with the third category of implication in relation to the facts of this case, it is necessary to examine three other areas of the law: (1) the duties placed upon mortgagees in possession when selling the property secured by the mortgage; (2) concurrent liability in tort and contract under the tests set out in Kamloops v. Nielsen, 1984 CanLII 21 (SCC), [1984] 2 S.C.R. 2, and subsequent cases, and (3) the duty to be imposed upon mortgagees when exercising powers under the mortgage, other than mortgagees in possession exercising powers of sale. Duties of Mortgagees in Possession
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