Civil Practice and Procedure – Summary judgment – Availability of summary judgment
Defendants borrowed money from plaintiffs. Disputes arose after loans came due. There was settlement of these disputes in which plaintiffs compromised their claim to retroactive annual interest at 25 percent upon the defendants’ promise to repay loans, in full, at lower rate of interest. Parties brought motion for summary judgment. Relief from forfeiture on terms set out granted. Proposed sale met the requirements for such matters under receivership law and approved sale Shortfall, if there is one, was miniscule. Borrowers were entitled, and prepared, to pay any shortfall resulting from sale of Sydney property. However, lenders refused to provide any accounting of that amount, taking position that there was no longer a settlement, release was void and additional $7.3 million was owing on account of arrears of interest at 25 percent and other charges.
Trez Capital Limited v. Morrison (2019), 2019 CarswellOnt 21213, 2019 ONSC 7115, Penny J. (Ont. S.C.J.).
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