The plaintiff mortgage broker arranged financing for the defendants' convention centre project.
The plaintiff alleged it was entitled to a 5% ownership interest in the defendant corporation pursuant to an equity agreement, but share certificates were never issued.
Over eight years later, the plaintiff sued.
The defendants moved for summary judgment, arguing the claim was statute-barred under the Limitations Act, 2002.
The plaintiff brought a cross-motion to amend its claim to seek only declaratory relief, arguing that under s. 16(1)(a) of the Act, claims for declaratory relief alone are not subject to a limitation period.
The court granted the plaintiff leave to amend its claim and dismissed the defendants' motion for summary judgment, finding a genuine issue for trial as to whether the plaintiff acquired a beneficial interest that could be subject to declaratory relief without consequential relief.