The mortgagee therefore never holds any title documents, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults.
An attornment-clause, in mortgages, is a clause whereby the mortgagor attorns tenant to the mortgagee, thus giving the mortgagee the right to distrain, as an additional security.
The amount of the receiver's uncapped fees, costs and expenses of $209,844.37 also formed part of a deed of settlement entered into with the mortgagor.
The mortgagor then conveyed that part of the property to new mortgagees, concealing, with the connivance of the trustee, both the prior mortgage and the reconveyance.