Case Overview:
The case involved a foreclosure proceeding before the Supreme Court of British Columbia. The main dispute concerned a residential property in Langley, British Columbia, secured by multiple mortgages. Bayfield Mortgage Professionals Ltd. and James Michael Pell (Petitioners) held first and second mortgages totaling $3.6 million. The Toronto Dominion Bank (Respondent) claimed a $400,000 equitable mortgage on the same property.

Key Legal Issues:

• Foreclosure Proceedings: Bayfield initiated foreclosure, obtaining an order nisi on May 30, 2024, with a six-month redemption period expiring on November 30, 2024.
• Equitable Mortgage Dispute: TD Bank argued its interest stemmed from a forbearance agreement. The Homeowners, Timothy Murray Keith and Janice Joanne Lowe, disputed the validity of this equitable mortgage, citing incomplete terms and lack of agreement.
• Conduct of Sale Application: TD Bank sought conduct of sale before the redemption period expired, while the Homeowners argued against it, claiming sufficient equity existed to protect creditors.

Court’s Decision:
The court granted TD Bank conduct of sale, effective November 29, 2024, allowing the Homeowners one final month to redeem or sell the property. TD Bank’s claim to an equitable mortgage was deemed strong, though unresolved.

Costs and Award:
TD Bank was awarded costs of the application, with the basis to be determined later. The total amounts due, including a potential indemnity for TD Bank’s equitable mortgage, remained subject to trial findings.