When the value of the security is not great enough to cover the debt,the shortfall is still owed by the debtor (but this may not be recoverable in some provinces).

Question

Quizplus · Accepted Answer

This is known as a deficiency, and the debtor is still responsible for paying it even if the collateral does not cover the full amount of the debt. However, in some provinces, such as Alberta and Saskatchewan, deficiency judgments are not allowed for certain types of loans, such as mortgages.

When the Value of the Security Is Not Great Enough