In a receivership proceeding on the Commercial List, the receiver sought approval of a sale of a dormant condominium development project and related vesting relief.
The receiver and secured creditors also sought a declaration confirming the validity of mortgage amendments that increased the secured debt amounts, where the amendments had been registered using Land Titles instruments titled “Notice” and “Application (General)” rather than the standard Charge/Mortgage form.
The court held that registration under s. 71 of the Land Titles Act provided effective notice of the amended security interests and rendered the amendments valid.
The court approved the sale as the highest and best offer obtained through a fair and transparent sale process and granted the requested declarations and sealing order.
