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American College of Mortgage Attorneys — Partner with the Best®

Formed in 1974, the American College of Mortgage Attorneys (ACMA) is comprised of over 500 lawyers in North America who are experts in mortgage law.

Canada

Saskatchewan

Saskatchewan has a Torrens system of registration of land and interests in land. The Saskatchewan system is a system of “title by registration”, not “registration by title”, meaning title is only held once it is registered and not before. The granting of mortgages over lands is the most common security taken to secure repayment of a debt when the debtor owns land. All property is subject to The Land Titles Act, 2000, SS 2000, c L-5.1 (Can.) (the “LTA”), and titles issued are by, and mortgages are registered in, the provincial Land Titles Registry.

SECURITY INSTRUMENT USED

Registration of an interest in the Land Titles Registry is required to maintain priority over parties that subsequently acquire an interest in the same land. Interest registrations must comply with the requirements of the LTA or they will not be registrable. In addition, certain interest registrations must meet other legislative requirements to be valid. Transfers of title and certain other transactions require executed authorizations. An individual seller's signature on a transfer authorization must be attested by a witness. There are different attestation requirements for corporate sellers, as either the corporate seal must be affixed or an affidavit of execution verifying corporate signing authority must be included with the transfer authorization. According to common practice, the seller's lawyer is responsible for preparing the documents that transfer title, which includes a transfer authorization, an affidavit of value, and a homestead affidavit. Also by common practice, the buyer's lawyer will submit the transfer and mortgage to the Land Titles Registry. While paper-based registrations can still occur, submissions for registration are usually done electronically.

RECORDING REQUIREMENTS

If a mortgagor is a corporation, it is possible (and usual for the mortgagee to request) that the mortgagor waive compliance with The Land Contracts (Actions) Act, 2018 SS 2018, c L-3.001, (the “LCAA”) and The Limitation of Civil Rights Act, RSS 1978, c L-16, (the “LCRA”). Please note that special rules apply in respect of mortgages over farmland.

STATUTES TO BE WAIVED

The Land Titles Registry maintains a database of mortgagee standard charge terms. However, these standard charge terms are infrequently used in the province, as the more common practice is to append all pertinent terms to the mortgage being granted by the mortgagor.

UNUSUAL TREATMENT OF STANDARD PROVISIONS

Future advances are governed by &sect;&nbsp;27 of the LTA. The date a mortgage is registered will determine priority as to future advances. All advances and obligations given under a registered interest will maintain priority, even if the advance is given after other mortgage registrations. In other words, the priority position of a registered mortgage attaches to all funds advanced under it, regardless of the timing of the advances. &sect;&nbsp;27 also applies to mortgages that provide for revolving lines of credit. It is advisable that the mortgage itself expressly contemplate future advances and revolving lines of credit, and secure such amounts. The priority for future advances does not apply to rights acquired pursuant to The Builders' Lien Act, SS 1984-85-86, c B-7.1, (the “BLA”) or The Personal Property Security Act, 1993, SS 1993, c P-6.2, (the “PPSA”).

SECURING FUTURE ADVANCES

If the additional advances will result in the aggregate amount of advances exceeding the principal sum (described in the mortgage), then it will be necessary for a mortgage amending agreement to be entered into, where a larger principal sum will be prescribed. That agreement should be registered on title, by way of amendment to the existing registration in respect of the mortgage. The mortgagee would not have priority over, for example, registered interests that arose after the initial registration in respect of the mortgage but prior to the registration of the amendment.

SECURING ADDITIONAL ADVANCES TO PROTECT THE COLLATERAL

Pursuant to &sect;&nbsp;144 of the LTA, an interest that arises from an assignment of rent is deemed to be an interest in land. As a result, an assignment of rent can be registered against title in the Land Titles Registry, unlike some other provinces where financing statements are registered in a personal property registry. An interest in land is only effective once it has been registered. LTA &sect;&nbsp;26. According to &sect;&nbsp;14 of the LTA, title is subject to any interest that is registered against it, including, for example, a subsequent purchaser of land or subsequent interest holder (including mortgagees).

ASSIGNMENT OF RENT

If the Deed of Trust creates an interest in land in the nature of a mortgage, then all of the same considerations apply to the Deed, as to a conventional mortgage, and all of the same requirements apply to the trustee (as would apply to a Lender).

TRUSTEE UNDER DEED OF TRUST

Please note that this Summary does not apply where the property is farmland, or the borrower is a farmer. Special (and complex) legislation, procedures and rules apply. For example, notices under the Farm Debt Mediation Act (Canada), S.C. 1997, c.21 and The Saskatchewan Farm Security Act, SS 1988-89, c S-17.1 may be required. Mandatory mediation may be required. There are significant penalties for failing to follow the legislation. As well, it might be necessary for a lender to obtain an Order from the Farm Land Security Board in order to lend against the security of farmland. To initiate an action for foreclosure against a mortgagor, the mortgagee must apply for leave under the LCAA unless either: (i) the mortgagor is a corporate mortgage and waived the applicability of the LCAA under the terms of the mortgage; or (ii) the land is being used solely for commercial purposes. If the lender is required to apply for leave under the LCAA, the lender must also serve a notice of intention to start an action on the Provincial Mediation Board, which then notifies the borrower. 60 days after notice has been given to the Provincial Mediation Board, a lender can apply for a judge to hear an application to commence a claim in mortgage action. The court has the discretion to adjourn the application for leave for up to 8 months to afford the mortgagor additional time to either reinstate the mortgage or retire its debt obligations to the lender. If the application for leave is granted, the lender is entitled to commence action to foreclose. Once the lender proves its claim, either through litigation, or by default, it can apply to the court for an order for foreclosure or a court supervised sale. If the lender requests an order for foreclosure, the borrower or another party with an interest in the property can request that the lender conduct a judicial sale instead. The court usually grants such a request if the court believes there may be equity in the property. Where the relief granted by the court is foreclosure (and not judicial sale), the lender may request a final order for foreclosure if the borrower does not pay the arrears within the redemption period (discussed below). The lender will then have the authority to take possession of the property and may apply to the Land Titles Registry for title to be issued in the lender's name based on the final order.

BRIEF DESCRIPTION OF PROCEDURE

Taking into consideration the initial notice to the Provincial Mediation Board and the general redemption period of the courts, a typical length of action is between 10 and 18 months.

TYPICAL LENGTH OF PROCEDURE

As previously discussed, the Court has broad discretionary powers when an application is made under the LCAA for permission to commence a foreclosure action. Similarly, once the action is started and an application is made (in due course) for an order for foreclosure or an order for judicial sale, the court will typically grant a redemption period. The length is typically 3 months, but can range between 1 and 6 months. If facts demonstrate that the borrower will be unable to pay the debt and that there is little equity in the property, the Court will be more inclined to grant a shorter redemption period. On the other hand, if the evidence demonstrates that the borrower will have the ability to pay and that there is equity in the property, the Court will favor a longer redemption period. As well, a borrower is able, in some circumstances, to reinstate a mortgage that has not matured. The Queens's Bench Act, 1998, SS 1998, c. Q-1.01, &sect;&nbsp;61.

REDEMPTION PERIOD AND PRICE

WAIVER OF REDEMPTION; REDUCTION OF REDEMPTION PERIOD

Under the LCRA, an action of foreclosure prevents a lender from pursuing a mortgagor for deficiency (unless the mortgagor is a corporation that has waived the provisions of the LCRA). A deficiency can be pursued by a lender where there is a judicial sale and a waiver of the LCRA.

DEFICIENCIES

Upon a final order for foreclosure being granted and the lender registering the order at the Land Titles Registry, the lender becomes the registered owner. As a result, where the property is residential property the mortgagee becomes the new landlord and assumes all existing rights and obligations of the previous landlord, relating to residential tenancies, according to The Residential Tenancies Act, 2006, SS 2006, C R-22.0001, &sect;&nbsp;38 (the “RTA”). The mortgagee is subject to all existing residential tenancy agreements. RTA &sect;&nbsp;38(2). The liabilities and obligations must be in existence at the time the mortgagee becomes the new landlord. RTA &sect;&nbsp;39(2). A new landlord, however, is not always obliged to uphold the existing tenancy agreements. A hearing officer may order the old landlord to be subject to all prior obligations, or may relieve the new landlord (i.e. mortgagee) from those liabilities if it would be unjust to subject the mortgagee to such conditions. Where the property is not residential property, the tenancies that existed prior to the final order for foreclosure might or might not still be in effect. That depends on whether the mortgagee foreclosed those interests off the title, through the foreclosure action. If the lease continues to exist, the landlord will have the right to sue for rent and other obligations under assumed lease: The Landlord and Tenant Act, RSS 1978, C L-6.

EFFECT OF FORECLOSURE ON LEASES

The procedure of judicial sale is similar to that of foreclosure. Notice must be given to the Provincial Mediation Board and the lender must subsequently apply for a judge to hear an application to commence an action. If the judge grants the order, the lender must file an action against the borrower. Once the lender is successful in its action against the borrower, it can apply to the court for judicial sale. The court will grant a redemption period for the borrower to pay what is owed. If the redemption period passes without payment, the mortgagee will be entitled to sell the property. If a sale agreement is made, the lender will apply for an order approving the sale. That order will provide for the transfer of ownership of the property to the purchaser.

Taking into consideration the initial notice to the Provincial Mediation Board and the general redemption period of the courts, the typical length of an action is between 10 and 18 months.

A judge cannot order a sale unless the reserve bid and upset price are proper considering the circumstances. LCRA, &sect;&nbsp;5. A bid should be sufficient to cover the mortgagee's costs, the costs of the sale (including any commissions), unpaid property taxes, and the amount owing on the mortgage.

BID REQUIREMENTS

Similar to foreclosure, a redemption period will be granted after the mortgagee wins an action in court, but before the mortgagee is entitled to sell the property. The period will range between 1 to 6 months.

If payment under a mortgage is given to secure the purchase price or part of the purchase price of the land, or the payment is used as collateral to secure the purchase price of the land, a deficiency judgment is not available. LCRA, &sect;&nbsp;2. The protection cannot be waived by an individual, but can be waived by a corporation. National Trust Co. v Mead, [1990] 5 WWR 459. On the other hand, if the amounts secured by the mortgage were advanced for other reasons, a deficiency claim can be made if the property is sold by judicial sale. If the property is not sold, the mortgagee may be forced to foreclose the property, and therefore accept it in satisfaction of the debt owed by the mortgagee.

Similar to foreclosure, the purchaser of the property is subject to existing residential tenancies, and might be subject to existing leases (see Effect of Foreclosure on Leases).

EFFECT OF JUDICIAL SALE ON LEASES

Unlike foreclosure, a judicial sale does not extinguish the debt, and preserves the right of the mortgagee to sue any guarantors for the deficiency (or corporate mortgagor where the mortgagor has waived the LCRA).

EFFECT OF JUDICIAL SALE ON GUARANTEES

Under the Interest Act (Canada) RSC, 1985, c I-15, &sect;&nbsp;2 (the “IA”), parties can stipulate and agree to any amount of interest that is not contrary to other Acts of Parliament. However, the Criminal Code, RSC 1985, c C-46, &sect;&nbsp;347 provides that interest in excess of 60% per annum is an offence. The definition of “interest” is broad and includes all costs and expenses, whether a fine, penalty, fee, or similar charge paid or payable for advancing credit under an agreement.

USURY CEILING

USURY EXCEPTIONS

If a mortgage is more than 5 years old, the IA &sect;&nbsp;10 allows a mortgagor to prepay a mortgage in full upon the payment of 3 months' interest. This provision does not apply to corporations.

PREPAYMENT PREMIUMS AND SIMILAR AMOUNTS

Financing statements are filed in the Personal Property Registry pursuant to the PPSA. Typically, a security interest must be registered in the Personal Property Registry of the province where the property is located and can be completed online, via fax, or in person. The financing statement can be renewed at any time before the registration expires. PPSA &sect;&nbsp;44(2).

LOCATION(S) FOR FILING

A financing statement in a fixture may be registered under the PPSA. Furthermore, an interest in a fixture or a crop may also be registered in the Land Titles Registry. PPSA &sect;&nbsp;49(2). A secured party has priority to a fixture over a person who has an interest in the land if the security interest attaches before or at the time the goods become fixtures. PPSA, &sect;&nbsp;36(3). However, if a subsequent purchaser acquires the land without fraud and before the security interest is registered, the purchaser (who has an interest in the land) will have priority over the secured party. PPSA,&nbsp;&sect;&nbsp;36(4)(a). If an advance is made under a mortgage or the mortgagee obtains a court order for foreclosure or judicial sale after the goods become fixtures, the mortgagee will have priority over the fixture, so long as the security interest is not registered at the time the advance or court order is executed. PPSA &sect;&nbsp;36(4)(b).

SECURITY INSTRUMENT USED AS FIXTURE FILING

If the guarantor is a Saskatchewan corporation, it may provide financial assistance by way of a loan, guarantee or otherwise to (i) a shareholder, director, officer or employee of the corporation or an affiliate of the corporation or an associate of any of those persons; or (ii) any person for the purpose of, or in connection with, a purchase of a share issued or to be issued by the corporation or an affiliate of the corporation, provided that a form of notice required by &sect;&nbsp;5-22 of The Business Corporations Act, 2021, SS 2021 c.6 is delivered, in accordance with that provision. There are special rules that apply if the guarantee is deed or written agreement whereby an individual enters into an obligation to answer for an act, default, omission or indebtedness of a farmer in relation to farm land or other assets used in farming. In such a case the guarantee must satisfy the requirements of &sect;&nbsp;31 of The Saskatchewan Farm Security Act, SS 1988-89, c S-17.1

UNUSUAL PROVISIONS OR REQUIREMENTS

SPECIAL PROBLEMS

Typically enforcement of a mortgage and a guarantee of the mortgage indebtedness occurs through one court action. If a judicial sale is ordered by the court, and there is a deficiency following the sale, the mortgagor and the guarantor will be liable for the deficiency. Where the mortgage is taken to secure the purchase price or part of the purchase price of land, the mortgagee's right to recover the unpaid balance is restricted to the land mortgaged and to foreclosure or sale of the property. However, if the application of The Limitation of Civil Rights Act, RSS 1978, c L-16 has been waived., this limitation does not apply. Only a body corporate may waive the application of that Act. A similar restriction appears in the case of farm land under The Saskatchewan Farm Security Act, SS 1988-89, c S-17.1, but the provisions of that Act may not be waived.

ISSUES AND GUIDELINES RELATED TO SEEKING/OBTAINING DEFICIENCY JUDGMENTS

Under The Limitations Act, SS 2004, c L-16.1, &sect;&nbsp;5, the general limitation period for bringing an action is 2 years from the day on which the claim is discovered or ought to have been discovered.

STATUTE OF LIMITATIONS PERIOD

A holder of an interest in land must discharge the interest not later than 30 days after all the obligations have been performed, or when the interest ceased to exist at law. LTA, &sect;&nbsp;66. A common clause in mortgage agreements obliges the mortgagee to provide a discharge of the mortgage after the debt has been paid in full. The discharge is registered at the Land Titles Registry. Once it has been registered, it is not enforceable against the land, whether or not obligations continue to exist under the mortgage. LTA, &sect;&nbsp;131.

REQUIREMENTS FOR RELEASE OF LIEN

A non-owning spouse must consent to the disposition of a homestead property under The Homesteads Act, 1989, SS 1989-90, c H-5.1, &sect;&nbsp;5 (the “HA”). A homestead property is one that is associated as a place of residence, where privacy and independence is enjoyed, and generally where the spouses cohabitate. Spouses are defined to be individuals of the same or opposite sex who cohabitate together in a spousal relationship continually for at least 2 years. A spouse with an ownership interest in a homestead property must also consent to its disposition. HA &sect;&nbsp;5(2). Dispositions include transactions relating to mortgages, sales, oil and natural gas leases, and particular easements. However, it does not include easements that provide for railway access, gas, oil, and water pipelines, or public utilities easements. Transactions that do not comply with the HA are null and void.

HOMESTEAD ISSUES

The Family Property Act, S.S. 1997 c.F-6.3 provides for rights in respect of family property, which includes real property owned by one or both spouses. There are no special requirements in respect of mortgage lending.

COMMUNITY PROPERTY

MORTGAGE TAX

DOCUMENTARY STAMP TAX

None. There are registration fees payable on the registration of a mortgage at the Land Titles Registry.

TRANSFER TAX

An express choice of law provision will be upheld by a Saskatchewan Court if the choice is bona fide and legal and is not contrary to public policy.

ENFORCEABILITY OF AGREEMENTS AS TO CHOICE OF LAW

A receiver can be privately appointed or court appointed. A privately appointed receiver is usually the lender's agent and acts in the lender's best interest. A party will likely not be able to appoint a receiver with respect to land without a court order. In major receiverships, a court-appointed receiver is recommended. Although it is more costly and may produce delays, court-appointed receivers ensure judicial sanction before carrying action. An action must be commenced under the appropriate legislation (such as the Bankruptcy and Insolvency Act (Canada), RSC 1985 C. B-3 &sect;&nbsp;243 or The Queen's Bench Act, 1998 SS 1998, c Q-1.01, &sect;&nbsp;65(1)) to have a court-appointed receiver.

RECEIVERSHIP

The Mortgage Brokerages and Mortgage Administrators Act, SS 2007, c M-20.1, regulates the business of brokering or administering mortgages in the Province. It sets out the permissible fees that may be charged to borrowers. The Cost of Credit Disclosure Act, 2002, S.S. 2002, c.5 sets out requirements that must be satisfied by the mortgage lender, relative to disclosing the cost of borrowing and related charges.

ANY PROHIBITION OR SPECIAL RULES REGARDING LOAN APPLICATION, LOAN FEES OR COMMITMENT FEES

If a lender is taking security over real property located in Saskatchewan, it must be licensed under The Trust and Loan Corporations Act, 1997, S.S. 1997, c T-22.2, unless the lender is a Canadian bank, credit union, or another excepted entity. The lender, if it is a corporation, should register as an extra-provincial corporation under The Business Corporations Act, 2021, SS 2021 c.6.

LENDER QUALIFICATIONS AND/OR LICENSURE

None, other than as described elsewhere in this summary.

MODIFICATION-UNUSUAL PROVISIONS OR REQUIREMENTS FOR MODIFICATIONS OF EXISTING MORTGAGE LOANS

Environmental matters in Canada are regulated at the federal, provincial and municipal levels of government. Generally, only those who have possession or control of land, or who have caused the contamination, are directly liable to pay remediation costs. Concern over the state of lands subject to a mortgage will often lead Lenders to seek foreclosure, rather than judicial sale, or to seek the appointment (by court order) of a receiver whose liability will be limited by the terms of the order. However, the claim under the mortgage may be subordinate to the remediation costs. This is a complex, and developing, area of the law.

ENVIRONMENTAL LIEN LAW ISSUES

Saskatchewan does not have a local bar opinion report that articulates standard accepted opinion practices for the jurisdiction. LABOR AND MATERIALMEN'S LIEN CLAIMS —PRIORITY ISSUES

LEGAL OPINIONS

Any person who provides services or materials on or in respect of an improvement on a property has a lien on the estate or interest of the owner in the land occupied by the improvement. BLA, &sect;&nbsp;22(1). A lien arises and takes effect when the individual first provides services or materials to the improvement. BLA, &sect;&nbsp;27. A lien claimant must register a lien at the Land Titles Registry. BLA, &sect;&nbsp;50(1).

INCEPTION OF LIEN

BLA &sect;&nbsp;71 prioritizes liens arising from an improvement in property over all other mortgages, conveyances and other registered agreements only after the claim of lien has been registered or after written notice of the lien is given. If the lien is not registered, or written notice is not given, then the other registered interests (i.e., mortgages) will have priority. A laborer's lien has priority over any other lien if the laborer was employed by the owner, contractor or subcontractor. A laborer's lien does not need to be registered in order to be effective. BLA, &sect;&nbsp;75.

PRIORITY AS TO REMOVABLE FIXTURES

A lender will require a lender's policy of insurance, rather than a borrower's policy.

FORM USUALLY REQUIRED BY LENDER

As Saskatchewan has a Torrens system, title insurance is not required to ensure ownership of title. Under the LTA any party acquiring a title or interest therein can rely upon the title for proof of ownership, except in the case of fraud. Notwithstanding the foregoing, title insurance is becoming more prevalent in Saskatchewan. In particular, as the registration of interests and transfers at the Land Titles Registry is not instantaneous (sometimes taking 2 to 3 business days), title insurance can be used as “gap coverage” for the period between closing and registration of the instrument (mortgage or transfer). Title insurance can also be obtained to ensure against fraud, zoning violations and encroachments. The title insurance regime in Saskatchewan is virtually identical to those in other Canadian Provinces, including the standard endorsements. Title insurers will generally require that certain title and off-title searches be conducted prior to issuing a policy. &nbsp; &nbsp; &nbsp; &nbsp; <a href="#_ftnref1" name="_ftn1">[1]</a> All Ala. Code references are to Alabama Code (1975). <a href="#_ftnref2" name="_ftn2">[2]</a> W. Christopher Barrier, Usury in Arkansas: The 17% Solution, 37 Ark. L. Rev. 572, 572-611 (1983). <a href="#_ftnref3" name="_ftn3">[3]</a> California SB 1079 &sect;&nbsp;7, creating Civil Code &sect;&nbsp;2924m(a)(3). <a href="#_ftnref4" name="_ftn4">[4]</a> c. 244, &sect; 35B(c) refers to “subsection (g) of section 35A”, which no longer exists as of January 1, 2016 when, in Section 8 and 14 of Chapter 258 of the Acts of 2010, the Massachusetts Legislature struck out Section 35A in its entirety and replaced it with new language. Section 35B(c) was not properly updated to reflect the changes to Section 35A. However, the Right to Cure notice requirement referenced in c. 244, &sect; 35A(g) still exists in modified form in c. 244, &sect; 35A(b). <a href="#_ftnref5" name="_ftn5">[5]</a> See Cranmore v. Wells Fargo Bank, N.A., 410 F. Supp. 3d 336, 341 (D. Mass. 2019) (noting that “[a]ny violation of chapter 18 of title 209 of the Code of Massachusetts regulations is per se &lsquo;an unfair or deceptive act or practice' under Chapter 93A (the Massachusetts consumer protection act). 209 C.M.R. &sect; 18.22(1). Chapter 18 requires a &lsquo;third party loan servicer' to comply with, among other provisions, section 35C of Massachusetts General Laws chapter 244. 209 C.M.R. &sect;&nbsp;18.21A(1)(c). Section 35C, in turn, mandates that &lsquo;[a] creditor shall not cause publication of notice of foreclosure ... when the creditor knows or should know that the mortgagee is neither the holder of the mortgage note nor the authorized agent of the note holder.'”). <a href="#_ftnref6" name="_ftn6">[6]</a> Generally, affirmative defenses are waived unless they are raised in the first responsive pleading. However, in Fed. Home Loan Mortg. Corp. v. Bartleman, the Massachusetts Appeals Court clarified that “in the context of determining whether to apply the Pinti rule to a particular case, the Supreme Judicial Court has been more indulgent, and has overlooked the failure to assert noncompliance with paragraph 22 in an answer provided some later filing clearly raised the issue at a moment in the litigation where the other party could respond to it.” 94 Mass. App. Ct. 800, 809 (2019), review denied, 482 Mass. 1104 (2019). <a href="#_ftnref7" name="_ftn7">[7]</a> M.G.L. c. 21E, &sect; 13 (“If the site described in such statement comprises real property, such lien shall be effective when duly recorded and indexed in the grantor index in the registry of deeds or registered in the registry district of the land court for the county or district wherein the land lies so as to affect its title . . . .”). The term “site” is defined by c. 21E &sect;&nbsp;2 as any building, structure, installation, equipment, pipe or pipeline. . . well, pit, pond, lagoon, impoundment, ditch, landfill, storage container, motor vehicle, rolling stock, or aircraft, or any other place or area where oil or hazardous material has been deposited, stored, disposed of or placed, or otherwise come to be located. Consumer products are excluded from the definition of “site.” <a href="#_ftnref8" name="_ftn8">[8]</a> Id. “If the site described in such statement is personal property, whether tangible or intangible, the statement shall be filed in accordance with the provisions of Article 9 of Chapter 106 as if the debtor were located in the Commonwealth under said Section 9-307 of said Chapter 106.”). <a href="#_ftnref9" name="_ftn9">[9]</a> Id. “Any lien recorded, registered or filed pursuant to this section shall have priority over any encumbrance theretofore recorded, registered or filed with respect to any site other than real property the greater part of which is devoted to single or multi-family housing, . . . but as to all other real property shall be subject to encumbrances or other interests recorded, registered or filed prior to the recording, registration or filing of such statement, and as to all other personal property shall be subject to the priority rules of said chapter one-hundred and six.”). <a href="#_ftnref10" name="_ftn10">[10]</a>Acme Laundry Co., Inc. v. Secretary of Environmental Affairs, 410 Mass. 760, 575 N.E.2d 1086, 33 Env't. Rep. Cas. (BNA) 1885 (1991). <a href="#_ftnref11" name="_ftn11">[11]</a> In re 229 Main Street Ltd. Partnership, 262 F.3d 1, 38 Bankr. Ct. Dec. (CRR) 85, 46 Collier Bankr. Cas. 2d (MB) 1257, 53 Env't. Rep. Cas. (BNA) 1065, Bankr. L. Rep. (CCH) P78489, 32 Envtl. L. Rep. 20001 (1st Cir. 2001). <a href="#_ftnref12" name="_ftn12">[12]</a> References to NRS are to the Nevada Revised Statutes (2021). The Nevada Legislature meets for 120 days every other year, though special sessions may be convened on extraordinary occasions. The 2023 Legislature, both regular and related special sessions, concluded in June of 2023. Unless otherwise specified in the law, legislation becomes effective on October 1 following its passage. See NRS 218D.330. Nevada Revised Statutes which include 2023 legislation will not likely be available until sometime in 2024. <a href="#_ftnref13" name="_ftn13">[13]</a> NRS40.255 was amended, effective July 1. 2023, to remove subsections (2) and (3). See SB 223, 2023 Statutes of Nevada Chapter 460. <a href="#_ftnref14" name="_ftn14">[14]</a> Effective July 1, 2023, the definitions of “surety” and surety bond”, presently found in NRS 107.015(12) and (13) are now in NRS 107.079(10). See SB 223, 2023 Statutes of Nevada Chapter 460. <a href="#_ftnref15" name="_ftn15">[15]</a> Section 21, Article 4 of the Nevada Constitution requires that “all laws shall be general and of uniform operation throughout the State.” Because of this requirement, Nevada statutes frequently limit their application to “all” counties of a specified population, for example, based on current populations, more than 700,000 (Clark County), 100,00 or more but less than 700,000 (Washoe County) and less than 100,000 (remaining counties). <a href="#_ftnref16" name="_ftn16">[16]</a> NRS&ensp;0.039 defines “person” as follows: “Except as otherwise expressly provided in a particular statute or required by the context, &lsquo;person' means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. The term does not include a government, governmental agency or political subdivision of a government.” <a href="#_ftnref17" name="_ftn17">[17]</a> See Statement of Opinion Practices Materials, 74 Bus. Law. 801 (2019). <a href="#_ftnref18" name="_ftn18">[18]</a> For conveyances and transfers of property for which the total consideration recited in the deed is not in excess of $350,000, a fee is remitted at the rate of $2/$500 of consideration or fractional part thereof not in excess of $150,000; $3.35/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; and $3.90/$500 of consideration or fractional part thereof in excess of $200,000. For transfers of property for which the total consideration recited in the deed is in excess of $350,000, a fee is remitted at the rate of $2.90/$500 of consideration or fractional part not in excess of $150,000; $4.25/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; $4.80/$500 of consideration or fractional part thereof in excess of $200,000; $5.30/$500 of consideration or fractional part thereof in excess of $550,000 but not in excess of $850,000; $5.80/$500 of consideration or fractional part thereof in excess of $850,00 but not in $1,000,000; and $6.05/$500 of consideration or fractional part thereof in excess of $1,000,000. N.J.S.A. 46:15-7. <a href="#_ftnref19" name="_ftn19">[19]</a> (a) For a consideration of less than $100.00; (b) By or to the United States of America, this State, or any instrumentality, agency, or subdivision thereof; (c) Solely in order to provide or release security for a debt or obligation; (d) Which confirms or corrects a deed previously recorded; (e) On a sale for delinquent taxes or assessments; (f) On partition; (g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the benefit of creditors; (h) Eligible to be recorded as an “ancient deed” pursuant to R.S.46:16-7; (i) Acknowledged or proved on or before July 3, 1968; (j) Between husband and wife, or parent and child; (k) Conveying a cemetery lot or plot; (l) In specific performance of a final judgment; (m) Releasing a right of reversion; (n) Previously recorded in another county and full realty transfer fee paid or accounted for, as evidenced by written instrument, attested by the grantee and acknowledged by the county recording officer of the county of such prior recording, specifying the county, book, page, date of prior recording, and amount of realty transfer fee previously paid; (o) By an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedent's estate in accordance with the provisions of the decedent's will or the intestate laws of this State; (p) Recorded within 90 days following the entry of a divorce decree which dissolves the marriage between the grantor and grantee; (q) Issued by a cooperative corporation, as part of a conversion of all of the assets of the cooperative corporation into a condominium, to a shareholder upon the surrender by the shareholder of all of the shareholder's stock in the cooperative corporation and the proprietary lease entitling the shareholder to exclusive occupancy of a portion of the property owned by the corporation. (r) For transfer of real property that is entered into on and after January 1, 2021 that is an intercompany transfer between combined group members as part of the unitary business. N.J.S.A. 46:15-10. <a href="#_ftnref20" name="_ftn20">[20]</a> If the mortgage provides that the property to be covered is a 1- or 2-family house, the tax is reduced by 0.3% for the first $10,000 of the principal amount for Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester (including City of Yonkers) Counties, and by 0.25% for all other counties (except NYC). <a href="#_ftnref21" name="_ftn21">[21]</a> If the mortgage provides that the property to be covered is a 1- or 2-family house, the tax is reduced by 0.3% for the first $10,000 of the principal amount. <a href="#_ftnref22" name="_ftn22">[22]</a> 1-, 2-, or 3-family houses and individual residential condominium units. <a href="#_ftnref23" name="_ftn23">[23]</a> This tax has been converted to a percentage for convenience and is actually imposed at a rate of $2 for each $500 or any fractional part thereof of consideration. <a href="#_ftnref24" name="_ftn24">[24]</a> This tax has been converted to a percentage for convenience and is actually imposed at a rate of $3.25 for each $500 or any fractional part thereof of consideration. <a href="#_ftnref25" name="_ftn25">[25]</a> Before the lender can purchase the mortgaged premises at a foreclosure sale, it must first successfully navigate through the foreclosure process. In Pennsylvania, these processes differ from county to county. In addition, in the residential context, the lender must consider various federal requirements and programs as well. <a href="#_ftnref26" name="_ftn26">[26]</a> A subcontractor does not have the right to a lien with respect to an improvement to a residential property if: (1)&nbsp;the owner paid the contractor in full; (2)&nbsp;the property is or is intended to be used as the residence of the owner or subsequent to being occupied by owner, a tenant of the owner; and (3)&nbsp;property is a single townhouse or a building that consists of 1 or 2 residential units. A “townhouse” is a single-family dwelling unit constructed in a group of three or more attached units in which each unit extends from foundation to the roof with a yard or public way on at least two sides. (49 P.S. &sect;&nbsp;1301). <a href="#_ftnref27" name="_ftn27">[27]</a> The described endorsements come from The Pennsylvania Rate Manual, updated as of May 1, 2020, which sets forth the definitions, general rules, rating systems, coverages, schedule of rates and charges, and approved policy forms, endorsements and other forms for use by members of and subscribers to TIRBOP. The Manual and its contents are filed with and approved by the Pennsylvania Insurance Department in accordance with The Insurance Company Law of 1921. <a href="#_ftnref28" name="_ftn28">[28]</a> The exceptions read: “Easements or claims of easements not shown by the public record” and “Any variation in location of lines or dimensions or other matters which an accurate survey would disclose.” The wording of these exceptions on your commitment and policy may vary, and your endorsement should match the wording on the policy.

Saskatchewan

Mortgage Law Summary

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Mortgage Law Summary for Saskatchewan

Saskatchewan

Mortgage Law Summary

Continue reading theMortgage Law Summary for Saskatchewan

Continue reading the
Mortgage Law Summary for Saskatchewan