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6/30/2010
VerifiedIf the business loan was subject to a personal guarantee, the bank could enforce the guarantee. You may have provided security on your home as part of the business loan, too.
It is unlikely that the bank has a registered a lien. The bank may have a registered a seizure of sale on your residential property. If a writ has been registered on title, that means the bank obtained a default judgment against you in an undefended lawsuit.
It is also possible that the bank made a mistake and did not have the authority to register a writ.
You need to immediately retain a commercial litigation lawyer to review the court file relating to the writ. Depending upon what happened, your lawyer will need to send a letter to the bank about setting aside the default judgment and the writ's registration. You may need to go to court to bring motions seeking orders for such relief.
The Law Society of Upper Canada's lawyer referral service(NNN) NNN-NNNN can provide you with names of local commercial litigation lawyers.
Ordinarily, yes, unless you provided the bank with other security. If you did provide the bank with additional security beyond the business property, the bank could sue you personally and register a lien if you did not defend, or if it won at trial. However, the bank ought to have served you with a Statement of Claim before it could register a lien.
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