Fox Island Development Ltd. v. Kensington Union Bay Properties Nominee Ltd.
Bygenteel failed to prove both elements required by s.29(2) LTA: (1) notice to Fox Island of Bygenteel's unregistered interests prior to registration of the Mortgage; and (2) participation by Fox Island in equitable fraud. Consequently Fox Island's registered mortgage is valid and enforceable in first priority over the P5 Parking Stalls and the Parking Stalls Net Proceeds.
Source excerpt
- Priority of security
- Notice
- Equitable fraud under s.29(2) lta
- Unregistered interests
- Mortgage priority
- Costs