The plaintiff lender brought a motion for summary judgment to recover amounts owing under a loan agreement and to enforce security granted under a general security agreement over a boat.
The defendants admitted the essential elements of the loan, default, guarantee, and security but filed a counterclaim alleging the lender failed to provide business advice and improperly demanded loan repayment.
The court held that there was no genuine issue requiring a trial, finding that the admissions in the pleadings established the debt and the validity of the security interest.
The lender was granted summary judgment for the outstanding loan balance with interest and an order for possession of the collateral.
The defendants’ counterclaim and cross‑motion for summary judgment were dismissed.
