Acts and Regulations

P-19 - Property Act

Section 44
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Powers of mortgagee
44(1)A mortgagee, where the mortgage is made by deed, shall, by virtue of this Act, have the following powers to the like extent as if they had been in terms conferred by the mortgage deed, but not further, namely:
(a) a power, when the mortgage money or any interest thereon has become due, to sell, or to concur with any other person in selling, the mortgaged property or any part thereof, and either together or in lots, by public auction or by private contract, subject to such conditions respecting title or evidence of title or other matter as the mortgagee thinks fit, with power to vary any contract for sale, and to buy in at auction, or to rescind a contract for sale and to resell, without being answerable for any loss occasioned thereby;
(b) a power, at any time after the date of the mortgage deed, to insure and keep insured against loss or damage by fire any building or any effects or property of an insurable nature, whether affixed to the freehold or not, being or forming part of the mortgaged property, and the premiums paid for any such insurance shall be a charge on the mortgaged property in addition to the mortgage money and with the same priority, and with interest at the same rate, as the mortgage money.
44(2)The provisions of this Act relating to the foregoing powers, comprised either in this section, or in any subsequent section regulating the exercise of those powers, may be varied or extended by the mortgage deed, and, as so varied or extended, shall as far as may be operate in the like manner and with all the like incidents, effects and consequences as if such variations or extensions were contained in this Act.
44(3)This section applies only if, and as far as, a contrary intention is not expressed in the mortgage deed, and shall have effect subject to the terms of the mortgage deed, and to the provisions therein contained.
44(4)The power given to a mortgagee in subsection (1) “to buy in at auction” is a power to buy for his own benefit and to his own use.
44(5)In this and in sections 45, 46, 47 and 48 the words “mortgage,” “mortgagor,” and “mortgagee,” shall respectively have the like meaning as defined in section 40.
R.S., c.177, s.42