The insured mortgage was signed on behalf of one of the registered owners by a third party using a Power of Attorney. The Power of Attorney document authorized the mortgaging of the property to a chartered bank only, and the insured lender was not a chartered bank. The Land Titles Office did not accept the document for registration.
Action:
As the insured lender¡¦s mortgage could not be registered, we paid the balance owing under the mortgage.
