Maple Trust Case Summary

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Facts: Susan Lawrence, who lived in a home in Toronto, had her signature forged onto a sale and purchase agreement for the purpose to transfer the property to Mr Wright. Mr Wright intended to buy the property using a mortgage he procured from Maple Trust. In Lawrence v Wright(2006) it was decided that the transaction between Mr Wright and the fraudulent party was void and, therefore, Ms Lawrence was entitled to the property which, now came with the charge of the mortgage Mr Wright obtained from Maple Trust
Issue: Given that Maple Trust acquired the mortgage without the registered owner's consent, should Maple Trust be allowed to keep its interest in its land.
View: The decision was incorrect
Court of Appeal Analysis: The Court of Appeal …show more content…
This decision is problematic as this means that the courts have declared that mortgagees are liable for any failure to detect fraud no matter how proper their procedures were in securing the mortgage. Now this is problematic because Banks decide to land to people based on a credit score system where people are examined based on various risk characteristics such as income and default rate. First-time mortgagers are quite risky for lenders as there is no credit history. Lenders now will have to devote more resources per mortgager as the courts have declared their current effort insufficient. Compounding the issue is that the courts have not given them a standard to achieve in their fraud detection procedures. The only response any financial institution could have is to reduce the higher risk less profitable loans. People who fall into this categories include first time home buyers, entrepreneurs, people who have defaulted. Essentially people who are at the margin at getting a loan will not be able to get a loan. The reduction in loans could have a significant impact on economic growth as loans are how people grow their wealth and how they make purchases. Fewer people being able to get loans

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