Foreclosure by Power of Sale: Securing a Proper Price in New Brunswick

Abstract

The author examines in four stages the process of foreclosing by way of power of sale with respect to securing a proper price in the Province of New Brunswick. The first stage outlines the nature and scope of the obligations being imposed upon mortgagees and a critique of the law as it now stands. The second stage compares the "standard of care" being exacted with what is perceived to be the general sale practices adhered to in this province. The author maintains that the standard being imposed by law is not met by present practice and goes on to deal with a number of arguments which might be advanced to support an improvident sale. The third stage examines the propriety of allowing a mortgagee to buy in at his own sale pursuant to the Property Act, while the fourth is directed at law reform.