3 total
Factoring company ordered to provide buy-out statement and discharge PPSA registration upon payment of outstanding invoices.
The applicant trucking company sought to terminate a factoring agreement with the respondent and requested a buy-out statement, a release letter, and the discharge of a PPSA registration.
The respondent refused, arguing it owned the purchased invoices absolutely and had no obligation to sell them back.
The court held that the PPSA applied to the transaction and, pursuant to section 56, the applicant was entitled to pay the outstanding obligations and have the registration discharged.
The court ordered the respondent to provide the buy-out statement and, upon payment, release the customers and discharge the PPSA registration.
Appeal dismissed and cross-appeal allowed; appellants held liable for full $150,000 guarantee amount.
The appellants appealed a summary judgment holding them liable for $75,000 on a guarantee, arguing they were no longer bound.
The respondent bank cross-appealed, seeking the full $150,000 amount of the guarantee.
The Court of Appeal dismissed the appeal and allowed the cross-appeal, finding that a letter signed by the appellants reestablished the full amount of the guarantee at $150,000, leaving no genuine issue for trial.
Divisional Court lacks jurisdiction over appeals where combined dismissed claim and awarded counterclaim exceed $25,000.
The appellant appealed a Superior Court judgment that dismissed his $22,000 claim and awarded the respondents $19,260 on their counterclaim.
At the commencement of the appeal, the Divisional Court raised the issue of its jurisdiction under section 19(1)(a) of the Courts of Justice Act.
Following a recent ruling, the court held that it lacks jurisdiction when the combined total of the dismissed claim and the awarded counterclaim exceeds the $25,000 monetary limit.
On consent of the parties, the appeal was adjourned to the Court of Appeal.
