SUPREME COURT OF NOVA SCOTIA
Citation: iNova Credit Union v. Giamac Inc., 2012 NSSC 431
Date: 20121211
Docket: Hfx No. 382080
Registry: Halifax
Between:
iNova Credit Union
Plaintiff
and
Giamac Inc.
Defendant
and
Gerald Giovannetti
Defendant/Guarantor
and
Attorney General of the Province of Nova Scotia
Intervenor
and
Alfred Smithers and Edward Webber
Parties to the Motion
LIBRARY HEADING
Judge: The Honourable Justice Michael J. Wood
Heard: December 10, 2012 in Halifax, Nova Scotia
Decision: December 11, 2012
Written Release
of Decision: December 14, 2012
Subject: Foreclosure - Conduct of Sheriff=s Sale
Summary: The highest bidder at the sale did not have the required 10% deposit and requested time to obtain it. The mortgagee objected because the second bid was sufficient to pay them in full. The Sheriff gave 22 minutes to obtain the security. When the high bidder did not return with the deposit, the property was sold to the second highest bidder. The high bidder applied to set aside the sale.
Issue: Should the Sheriff=s sale be set aside in these circumstances?
Result: The sale could be set aside if the Sheriff acted unreasonably or if special circumstances existed. The Court found the Sheriff=s actions were not unreasonable in light of the competing bids and the objection of the mortgagee. There were no special circumstances and the high bidder had no satisfactory explanation for not having the deposit at the sale. The application to set aside the sale was dismissed.
THIS INFORMATION SHEET DOES NOT FORM PART OF THE COURT'S DECISION. QUOTES MUST BE FROM THE DECISION, NOT THIS LIBRARY SHEET.