Jennifer Tam

This addendum to a prior summary judgment decision (2018 ONSC 4978) corrects the amount owing on a mortgage and clarifies the post-judgment interest rate.

The court had previously misstated the amount owing.

The corrected mortgage debt as of August 16, 2018, is $2,841,580.55, and post-judgment interest is to accrue at the rate specified in the mortgage.

The defendant agreed to the corrected amount and took no position on the interest rate.

The plaintiffs, Trez Capital, brought a summary judgment motion to enforce a Guarantee and Postponement of Claim against Ontario International College Inc. (OIC).

OIC resisted, arguing lack of genuine independent legal advice, undue influence, unconscionability, and non est factum, claiming its liability was limited to $1 million.

The court found no genuine issue requiring a trial, determining that OIC was adequately advised by its lawyer, Mr. Shapiro, and understood the nature and consequences of the guarantee.

The court reiterated that the absence of independent legal advice alone is not a defence to a guarantee claim, especially when the guarantor is a direct beneficiary of the loan transaction.

Summary judgment was granted to the plaintiffs.