Lenders often apply to purchase the land under foreclosure for the appraised fair market value, and seek judgment for the shortfall between what the lender is owed and the fair market value. This is known as a “Rice order” because the process was approved in the case of Trusts & Guarantee Co. v. Rice (1924), 1924 CarswellAlta 35 (Alta. C.A.).
Scotia Mortgage Corp. v. Manzouri | (WestlawNext Canada)
2012 CarswellAlta 1061 (Alta. Master) at para. 2 | (Westlaw Canada)
After default, orders nisi, and the expiry of the redemption periods orders were made which in Alberta are described as Rice orders ... A Rice order is a judicial sale to the plaintiff with a judgment for the deficiency.
Morguard Investments Ltd. v. De Savoye | (WestlawNext Canada)
1988 CarswellBC 213 (B.C. C.A.) at para. 3 | (Westlaw Canada)