Is a mortgagee permitted to exercise power of sale?
Ontario, Canada
The following excerpt is from Reid v. Ganaraska, 2021 ONSC 1161 (CanLII):
24. Subject to a mortgagor’s right to bring a mortgage into good standing or to redeem, pursuant to sections 22 and 23 of the Mortgages Act, a mortgagee acting in good faith and without fraud will not be restrained from a proper exercise of his or her power of sale, except upon tender of the amount outstanding: Armanasco v. Linderwood Holdings Inc., 2016 ONSC 1605, at para. 45. In the present case, the plaintiff has not tendered the amount outstanding, fraud is not alleged, and there is no evidence of bad faith.
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