A current appeal in CIBC v. Computershare raises basic questions under the Ontario Land Titles Act. It’s also the first time that the courts have dealt with the many 2006 changes to the Act.
In CIBC v. Computershare, owners had fraudulently caused a discharge of their first mortgage to be registered. The owners had continued their payments and so the lender didn’t know about the discharge. Later, the owners had taken a loan under a new registered first mortgage. Under the Act, the new first mortgage had priority. But the trial court mistakenly decided that the old first . . . [more]