COURT OF APPEAL FOR ONTARIO

DATE: 20050131

DOCKET: C40465

RE: CRANBERRY COVE TOWER INC. and A. DUNCAN GREEN (Appellants) – and – MONARCH TRUST COMPANY ET AL AND NATIONAL TRUST COMPANY, 991652 ONTARIO LIMITED AND LAURENTIAN BANK OF CANADA, TRUSTEE FOR RRSP 204-001-571 (Respondents)

BEFORE: MOLDAVER, BLAIR and LaFORME JJ.A.

COUNSEL: David Rose and Stacey Nichols for the appellants Cranberry Cove and Duncan Green

John D. Marshall for the respondent National Trust and Albert Bond

Joseph Irvine For the respondents 991652 Ontario Limited and Laurentian Bank of Canada,

HEARD & ENDORSED: January 28, 2005

On appeal from the judgment of Justice Donald R. Cameron of the Superior Court of Justice dated July 10, 2003.

A P P E A L B O O K E N D O R S E M E N T

[1] The trial judge gave thorough and comprehensive reasons for judgment. In doing so, he made findings of fact which underpin and are dispositive of the s. 22 issue, the tax issue and the status of 991652 under s. 36 of the Mortgages Act. In our view, it was open to the trial judge to make the findings that the appellant challenges and we see no basis for interfering with them.

[2] Accordingly the appeal is dismissed. Costs to 991652 and Laurentian are fixed at $5,000 inclusive of GST and disbursements. Costs to National fixed at $13,500 inclusive of GST and disbursements.