The plaintiffs moved for summary judgment to enforce a promissory note executed in connection with an asset purchase agreement for a recycling business.
The defendant admitted signing the note and acknowledged the outstanding balance but argued that the plaintiffs had waived default, improperly seized collateral, and failed to account for the sale of secured assets.
The court held that no clear waiver or agreement to forbear from enforcing the note was established and that the defendant failed to produce evidence supporting allegations of improper seizure under the Personal Property Security Act.
However, due to ongoing litigation regarding the seizure and disposition of secured assets, the precise amount owing under the note remained uncertain.
Summary judgment on liability was granted, the defence was struck, and the quantum of the debt was ordered to be determined at trial together with the related injunction proceedings.