This case involves a dispute between two brothers, Ronald (plaintiff) and Richard (defendant), over beneficial ownership of a residential property.
Ronald asserted beneficial ownership through a resulting trust, while Richard, the registered owner, disputed its existence and counterclaimed for damages and reimbursement.
The court granted Ronald's motion for partial summary judgment, finding that Richard held legal title in trust for Ronald's benefit.
Richard was found to have breached his fiduciary duties by extracting equity and improperly treating the property as an investment for tax purposes, but his conduct did not warrant punitive damages.
The court ordered Richard to transfer title to Ronald upon Ronald securing mortgage release and reimbursing Richard for properly incurred expenses, with an offset for equity removed by Richard.
If Ronald fails to secure financing, the property is to be sold.