The Results Legal team was recently engaged to assist one of our banking clients seize and sell land subject to first registered mortgage security.
A shipping container filled with specialized mining and drilling equipment was located on the secured property.
After taking possession of the property, our client was contacted by a third party who claimed ownership of the mining and drilling equipment.
A dispute ensued between the third party and the borrower concerning ownership of the chattels. One party alleged the items were valued at $1,000, the other alleged a value of $130,000.
Our team engaged with the parties to resolve the dispute in circumstances where the equipment was ultimately sold and removed from the property. The property was also sold by our client facilitating a full payout of the mortgage debt.