The appellant, executor of the estate of John F. McLennan, appealed a decision ordering the discharge of a collateral mortgage and the payment of approximately $5.7 million in property sale proceeds to the estate of John K. McLennan.
The appellant argued that a 1996 assignment agreement transferred both the collateral mortgage and the deceased's personal guarantee to the father's estate.
The Court of Appeal upheld the lower courts' findings that the assignment agreement only transferred the collateral mortgage, which was worthless without the underlying debt and personal guarantee.
The appeal was dismissed.
