The following are the mortgages registered against Holly's Holly Farm when it defaulted, and the amounts owed on each: first, in favour of the Royal Bank for $100 250; second, in favour of Kits Credit Union for $50 250; third, in favour of Aunt Suzy for $25 250. The Royal Bank petitioned for foreclosure. Which of the following is false?
◦ If the property is sold by way of a judicial sale, and the first and second mortgagees are paid in full, but the third is not paid in full, the third is out of luck; Aunt Suzy has no further remedy.
◦ If the property is sold by way of judicial sale, the equity of redemption is extinguished.
◦ Any of the parties to the action can ask the court for a judicial sale.
◦ If the Royal Bank eventually received the order absolute of foreclosure, the interest in the land of all those ranking below it would be lost because it forecloses the equity of redemption and that is the security the others had taken.
◦ If the property is sold by judicial sale and there is not enough to pay all mortgagees, those not paid can sue for the difference.
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