The plaintiff brought a motion for summary judgment on two defaulted loans totaling $1,000,000 made to the corporate defendant and guaranteed by the individual defendant.
The defendants argued that a $300,000 payment made to the plaintiff's sole director was a partial repayment of the loans, while the plaintiff claimed it was a separate personal loan.
The court granted summary judgment but found that the $300,000 payment constituted a pre-payment on the principal of the loans, reducing the judgment amount accordingly.
The defendants' counterclaim was dismissed.
