Mortgagors, backed by Title Insurer, win lawsuit against CIBC in precedent setting real estate case 

 

December 18, 2015

On Friday December 18, 2015, the B.C. Court of Appeal upheld a summary trial decision on an appeal by CIBC, in the case of Lin v. CIBC. Borrowers/Mortgagors were defrauded by notary Agatha Chung, who they hired in 2013 to assist in refinancing the mortgage on their home. Chung disappeared with the money forwarded to her to pay out the previous mortgage, along with more than $8 million from 41 other clients.

Karen Carteri and Kaitlyn Meyer of McMillan LLP acted for the borrowers/mortgagors and were retained to do so by their title insurer. The law was unsettled in this area.

For more information, click here to see the related Vancouver Sun article in which Karen Carteri comments on the case.