Does land mortgage law support such violence to innocent purchasers?

Alberta, Canada


The following excerpt is from Rapid Transit Mix v. CommCorp Financial Services, 1998 ABCA 63 (CanLII):

Nor does land mortgage law support such violence to innocent purchasers. The respondent cited Campbell v. Holyland (1877) 7 Ch. D. 166, 173 ff. But it says not to disappoint the legitimate expectations of purchasers, and it allowed redemption after resale only in very unusual circumstances. And it was a case of redemption, i.e. paying off the whole mortgage. What was given by the judgment now appealed was a chance to reinstate, i.e. undo acceleration. If there is any analogy to land mortgages, it would be analogous to s. 39 of Alberta’s Law of Property Act, which ends the right to reinstate at judgment, let alone judicial sale. So the supposed analogy would not help the respondent. E. Delay

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