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The Mortgage Act

C.C.S.M. c. M200

The Mortgage Act

1 Application of Part I
2 Application of Parts II and III
PART I
3 Definitions
4 Mortgagee's inspection fees
5 (1) Mortgagee's collection costs
(2) Right to certain costs preserved
(3) Limitation in collection costs
(4) Leased land
6 (1) When mortgagor may require mortgagee to assign mortgage to third party
(2) Encumbrancer to have same right
(3) When not to apply
(4) Conditions to be complied with by party demanding assignment
(5) Contrary stipulation null
7 (1) Inspection of documents by mortgagor
(2) Contrary stipulation
8 (1) Application of insurance money by mortgagor
(2) Mortgagee may insist on money being paid to him
(3) Law of Property Act applies
9 (1) Rights of insurer under subrogation
(2) Rights of insurer under assigned mortgage
10 Equity of redemption may be acquired without merger
11 Rights of mortgagee or assignee acquiring the equity of redemption
12 Foreclosure may be continued by assignee
13 (1) Advances for seed grain by mortgagees
(2) Addition to mortgage moneys
(3) Repealed
(4) Advances of seed grain by vendors
(5) Security on crops
(6) Consent of prior mortgagees
(7) The Homesteads Act not to apply
(8) Application of money advanced
(9) Taking possession of crops or grain
(10) Penalty for misapplying seed grain
(11) Definitions
14 Remedying of default by mortgagor
15 Right to pay off mortgage
16 Effect of mortgagee, etc., becoming owner
PART II
17 Mortgages, how affected by conveyances subsequently registered
18 Purchaser of mortgage may plead purchase for value without notice
19 Proof of payment of purchase money unnecessary
20 (1) Six months' notice or interest unnecessary after default
(2) Payment of mortgage moneys within three months after default
(3) Payment of mortgage moneys after three months after default
(4) Where payment is not made as set out in notice
(5) Mortgagee's right of action, etc., not affected
(6) Payment of mortgage moneys under mortgage which has run five years
(7) Subsec. (6) not applicable to mortgage company or to debentures
(8) Payment where a higher and a lower rate
(9) Application of Act
21 Proceedings in certain mortgages declared valid
22 Actions by mortgagors for possession of land
23 (1) Costs of exercising power of sale taxed in Queen's Bench
(2) Fee payable
(3) Tariff to be applied
(4) Appeal
(5) Costs of taxation
24 (1) Taxation of mortgagee's costs
(2) Real Property Act tariff and appeals
(3) No double taxation
25 (1) Request for statement
(2) Mortgagee to furnish statement of account
(3) Statement may be required once a year
(4) Account for payoff or sale
(5) Costs of obtaining statement elsewhere
(6) Notice in mortgage
(7) Voluntary furnishing of statement
(8) Application of section
(9) Statement where mortgagor gives acknowledgment
26 and 27 Repealed
28 Repealed
PART III
REVERSE MORTGAGE LOANS
29 Definitions
30 Application of this Part
31 (1) Lender's limited recourse
(2) Borrower's limited liability
32 (1) Application and other fees
(2) Refund to borrower
(3) Exception for independent legal and appraisal fees
33 (1) "Cooling-off period" defined
(2) Disclosure required
(3) Mortgage signed before end of cooling-off period
(4) Statutory terms
(5) Set-off and refund
(6) Order for discharge and costs
34 (1) Application to court
(2) Onus re disclosure
(3) Limitation period
35 Consumer Protection Office
36 (1) Offence
(2) Liability of directors and officers
(3) Penalty
37 Limitation period
38 Regulations