Does a mortgagee have to continue to collect rent from the first mortgagee, even if the mortgage was registered prior to the registration of the mortgage?
British Columbia, Canada
The following excerpt is from CIBC Mortgages v. Borissov, 2001 BCSC 1686 (CanLII):
The petitioner argues that it is entitled to receive the rent pursuant to the assignment of rents contained in the mortgage, regardless of whether the tenancy commenced prior to the registration of the mortgage or afterwards. They rely on Royal Bank v. Lywood (1997), 44 C.B.R. (3d) 178. In that case, Master Powers (as he then was) concluded that no rents could be collected by the first mortgagee without an assignment of rents until the appointment of receiver.
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