12.09.05
I Wasn’t Expecting the Spanish Inquisition
Here are some very simple facts and a decision that should make everyone run right out and buy title insurance.
Husband and wife own a home in joint title.
Husband is away.
Wife forges a power of attorney and mortgages home to pay gambling debts.
So, who loses, the husband or the mortgage company?
Based on a section of the Land Titles Act, the husband loses, despite his total innocence.
So think about it. While you are reading this, some plausible hoodlum is forging your signature to a power of attorney, and tomorrow he will receive mortgage proceeds from a brand new mortgage on your home.
Before you get too excited about attacking the mortgage, read Household Realty Corp. Ltd. v. Liu, a decision of the Court of Appeal released November 24, 2005.
And then pack your bags.