What is a mortgagee's duty to secure a reasonable price for a property subject to foreclosure and sale?

New Brunswick, Canada

The following excerpt is from Xceed Mortgage Corp. et al vs. Matte, 2014 NBQB 98 (CanLII):

[41] A mortgagee owes a duty of care to a mortgagor to secure a reasonable price for a property subject to foreclosure and sale. Lord Denning in Standard Chartered Bank v. Walker, [1982] 3 All E.R. 939 at p. 942 writes: …it is the [mortgagees] duty to use reasonable care to obtain the best possible price which the circumstance of the case permits. He owes this duty not only to himself (to clear off as much of the dept as he can) but also to the mortgagor so as to reduce the balance owing as much as possible, … If it should appear that the mortgagee… [has] not used reasonable care to realize the assets to the best advantage, then the mortgagor… [is] entitled to equity in allowance.

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