COURT OF APPEAL FOR ONTARIO
RE:
NATIONAL BANK OF CANADA (Plaintiff/Respondent) –and–JULIAN REED, MICHAEL MCCARTNEY, AND REED ENERGY CORPORATION (Defendants/Appellant)
BEFORE:
CATZMAN, LASKIN AND MACPHERSON JJ.A.
COUNSEL:
Harold Maltz
for the appellant
Deborah E. Palter and Freya M. Painting
for the respondent
HEARD & ENDORSED:
May 23, 2006
On appeal from the judgment of Justice J.P. McMahon of the Superior Court of Justice, dated March 30, 2005 made at Toronto, Ontario.
A P P E A L B O O K E N D O R S E M E N T
1Notwithstanding the capable submissions of Mr. Maltz, we agree with the reasons of the trial judge, particularly his findings that compliance with the ratios was a condition inserted for the benefit of the bank alone, and not the guarantors; and that the forbearance agreement signed by the appellant clearly removed any challenge he might have made to his liability under the guarantee.
2The appeal is dismissed with costs, which we fix in the amount of $17,500 plus disbursements and GST.