The mortgagor sought payment of the surplus from the mortgagee 's solicitors who held the funds in trust.
Under the mortgage, the mortgagee is entitled to recover her legal fees as between solicitor and client.
Under a mortgage of old system land in Victoria, does the mortgagee have a right of possession?
Would the same apply to a mortgagee if the mortgage contained a covenant restricting the use of the land?
The surplus was initially paid into court by the mortgagee pursuant to an interpleader order.
He was not successful in doing so before part of the property was sold and the other section foreclosed by the mortgagee .
The mortgage gives the mortgagee , of course, that equitable interest in the property as well.
I do not believe I am here called upon to contribute to this interesting debate, because the Defendant is neither a mortgagee nor a receiver.
The assets are mortgaged in such a way that the mortgagor can deal with them without the concurrence of the mortgagee .
After the remedial work was finished, the buildings were sold by the mortgagee , Bank of Montreal.