Valley First Credit Union v. Sollows

Valley First Credit Union v. Sollows

The Master applied the wrong test and the evidence did not establish a reasonable prospect of payment or sufficient security to justify extending the redemption period; accordingly the extension was set aside and the order absolute for foreclosure was confirmed.

Citation
2002 BCSC 101
Parties
Petitioner: Valley First Credit Union; Respondent: Stephen Basil Sollows; Respondent: Sandra Lee Sollows; Respondent: Susan McEachran doing business as Lavington Pizza On 6 and the said Lavington Pizza On 6; Respondent: Christopher Jugandi; Respondent: Charlene Pasutti
Court
Supreme Court of British Columbia
Jurisdiction
Canada
Judgment Date
23 January 2002
Procedural Posture
Mortgage Foreclosure / Appeal From Master to Supreme Court
Outcome
Appeal allowed; extension of the redemption period set aside; order absolute for foreclosure confirmed.
Legal Topics
Foreclosure, Redemption Period, Costs
Source Language
English
Property Law Civil Procedure Banking and Finance Foreclosure Redemption Period Costs

Case Brief

Summary, issues, holding and outcome

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Parties

Valley First Credit Union

Petitioner

Stephen Basil Sollows

Respondent

Sandra Lee Sollows

Respondent

Susan McEachran doing business as Lavington Pizza On 6 and the said Lavington Pizza On 6

Respondent

Christopher Jugandi

Respondent

Charlene Pasutti

Respondent

Procedural Posture

Mortgage Foreclosure / Appeal From Master to Supreme Court

Legal Issues

  1. 1 Whether the redemption period should be extended
  2. 2 Whether the Master applied the correct legal test for extension of redemption period
  3. 3 Whether there was a reasonable prospect of payment during the extended period and sufficient security for the mortgagee

Ratio Decidendi

The Master applied the wrong test and the evidence did not establish a reasonable prospect of payment or sufficient security to justify extending the redemption period; accordingly the extension was set aside and the order absolute for foreclosure was confirmed.

Court Disposition

Appeal allowed; extension of the redemption period set aside; order absolute for foreclosure confirmed.

Orders

  • Set aside the extension of the redemption period to April 15, 2002
  • Confirm the order absolute for foreclosure