Key Issue: Junhua Wang sought the appointment of a receiver over a property in Markham, Ontario, due to an unpaid mortgage.
Background
- Hong Jing & Lihan Jing (mother and son) own the property jointly.
- They granted Wang a second mortgage of $1.1 million in April 2023.
- No payments were made after August 2023; the loan matured in May 2024.
- Wang claims $1.33 million is owed with 18% annual interest.
- The Jings argue the mortgage was part of broader financing related to a business venture (Arkland Homes).
Key Legal Findings
- Contractual Right to a Receiver: The mortgage agreement allowed Wang to seek a receiver.
- Court’s Consideration:
- The security risk to Wang due to increasing debt.
- The Jings’ failure to refinance until late 2024.
- The absence of evidence proving Wang was involved in the broader financing scheme.
- Receivership Justified: The judge ruled it was just and convenient to appoint a receiver.
Outcome
- The receiver was appointed to manage and enforce the mortgage.
- Some disputes over the terms of the order remained, requiring further case conferences.
- The court did not explicitly award damages or costs in this decision.