Facts
- The defendants mortgaged their property to secure both present and future business debts as they should arise
- The defendants (Sood) defaulted on their mortgage payments
- The bank (mortgagee) sought repossession
Issue
- Were other claimants’ equitable (family) interests in the property overreached, despite the fact that money had not been paid under the conveyance of repossession?
Decision
- Yes
Reasoning
- Overreaching will take place irrespective of the payment of capital monies under a conveyance
