Lending institutions, credit unions and private lenders can and should expect the prompt and efficient enforcement of mortgage or personal property security. McQuarrie has the experience to deliver. Our lawyers can assist you with any of the following:
More information about each of these services is included just below. Our lawyers, who are experienced in handling foreclosure in BC, can answer any questions you have about enforcement and allowed methods of collection under the PPSA of British Columbia. You can book your private consultation on our website by clicking here.
Mortgage Enforcement (Including Foreclosure in BC)
Lenders have access to several enforcement mechanisms through the law. The experienced lawyers at McQuarrie can counsel you on which one is the best for your situation, and support you in court if additional legal action is necessary.
Foreclosure is one method of enforcing mortgages. Foreclosure in BC is a highly-regulated process, and involves seeking an order from the court. A lender who successfully obtains an order will become the owner of the property, though they may have obligations to other parties with security on the property.
After the property is foreclosed, eviction by the bailiff can be used as a final method of enforcement.
In some cases, it may be preferable to sell the property than continue attempting to enforce a mortgage. Properties can be sold through the court as part of or foreclosure proceedings or as part of an independent process.
Lien registration in BC is a direct process, but it does require filing in the correct manner with a comprehensive financing statement. Our lawyers can draft statements for you, and ensure that your lien registration complies with all necessary laws.
The PPSA in BC
Many cases that involve security actions will be affected by the BC version of the Personal Property Security Act (PPSA). You can refer to this act to learn more about some of the specific regulations that govern liens or the priorities of different interests.
It’s important to understand that the terms of the PPSA may not apply to all situations involving security interests. There are exceptions where other legislation, such as the Bank Act (Canada) will take precedence over the provincial regulations. This is most often the case for situations involving interests in federal property, native land or the property of the bankrupt.
Our lawyers can answer any additional questions you have about the PPSA and other laws related to foreclosure. Please book a private consultation to discuss your case.
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