Use the fact situation in Q1 to answer the related question that follows. Based on date and time of registration,if the property is worth $200 000.00 and George defaults on the Royal Bank mortgage and the bank immediately brings foreclosure proceedings,
A) it can only gain possession of the property.
B) it will have title to George's house subject to the TD Canada Trust mortgage.
C) it will obtain enough money from the sale to pay off the TD Canada Trust mortgage.
D) it will cut out the interest of TD Canada Trust.
E) none of the above
Correct Answer:
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