Nov 25, 2019
Section 43(1) of the Mortgages Act: BE CAREFUL WHAT YOU WISH FOR
By: Leor Margulies and Rachel Puma
Where a mortgagee commences power of sale proceedings, the mortgagee may be permitted to include a claim for an amount totalling three months of interest to the amount due on a Notice of Sale in certain circumstances.
That being said, what happens if a mortgagee delivers a Notice of Sale which inadvertently excludes said three months of interest, even where such inclusion would be permitted? Can the mortgagee refuse to accept payment of the amount stated in the Notice of Sale, without the additional interest amount in those circumstances?