Application by applicant for release of $60,000 being held in trust. Parties were partners in gas station operation through two numbered companies. Parties had shareholder meeting, and it was agreed respondent would purchase applicant’s interest in business. Money held in trust represented deposit paid by respondent pursuant to share purchase agreement. Application dismissed. It was ordered that deposit be released to respondent. Share purchase agreement between parties was declared to be null and void. Agreement of purchase and sale did not fall through because of default of respondent, but rather it fell through because third party dependent condition could not be fulfilled. Completion of agreement was conditional on respondent obtaining applicant vendor’s release from his personal guarantees.
Shah v. Ahuja
(Mar. 6, 2012, Ont. S.C.J., Bielby J., File No. CV-11-3300-00) 211 A.C.W.S. (3d) 711 (10 pp.).