The appellants defaulted on a commercial mortgage, prompting the respondent mortgagee to issue a Notice of Sale and accept an offer to purchase the property.
The appellants subsequently obtained a higher offer and sought to enjoin the sale, arguing the Notice of Sale was defective and the accepted offer was improvident.
The application judge declined to enjoin the sale, and the sale closed before the appeal was heard.
The Court of Appeal dismissed the appeal, finding the Notice of Sale was reasonable and the mortgagee could not be restrained from exercising its power of sale after entering into a binding agreement in good faith.
