In what circumstances will a mortgagee be able to collect a deficiency from a sale of the mortgaged property?
Alberta, Canada
The following excerpt is from Roynat Inc. v. 217678 Holdings Ltd., 1982 CanLII 1241 (AB QB):
In my view Macdonald v. Clarkson, cited by Kane J.A., turned on legislation which required that the mortgagee’s claim had to be first realized from a sale of the land and only after a sale could the mortgagee proceed to collect for the deficiency.
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