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Gregory Watt foreclosure case fuels calls for mortgage law (full decision text here)

Citing an inconsistent payment history, Justice Richard Williams ruled Friday (30 December) in favour of Scotiabank. This in the case of a Bodden Town man who told Cayman 27 he’s being foreclosed on for just a few thousand dollars.

Justice Williams heard a full day of arguments last week Thursday (29 December) before issuing his 55-page decision, concluding the Gregory Watt case. In his ruling, he stressed the importance of inspecting contract paperwork closely.

“When a party enters such an agreement, that party must ensure they very carefully read all of the terms of the charge agreement in order to fully understand what the consequences of any payment default may be,” said Justice Williams.

Mr. Watt admitted in his testimony that he was so overjoyed to be getting a mortgage that he did not read all the documents thoroughly.

Mr. Watt told Cayman 27 he plans to appeal.

Meanwhile, Bodden Town West MLA Chris Saunders said Mr. Watt’s case is among the many fueling his push for reform.

“People create a government for three basic things, to protect their life, to protect their liberty, and to protect their freedom. And clearly this is one time when the law wasn’t there to protect Gregory and others like Gregory who have lost their homes. This is why this is a priority for us next year to deal with,” said Mr. Saunders in an interview just before the New Year.

Mr. Saunders said instead of amending the Registered Lands Law, he plans to introduce a proper mortgage law to address the deficiencies he believes exist under the current system.

Read Justice Williams’ full decision here.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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