COURT OF APPEAL FOR ONTARIO

CITATION: Bruce Eco Landbank Inc. v. Bruce Eco Industrial Park Corporation, 2016 ONCA 35

DATE: 20160114

DOCKET: C60138

Weiler, LaForme and Huscroft JJ.A.

BETWEEN

Bruce Eco Landbank Inc. and Crooks Hollow Farm Corporation

Applicants (Respondents)

and

Bruce Eco Industrial Park Corporation and Terra Corporation

Respondents (Appellants)

Wade W. Sarasin, for the appellants

William P. Dermody, for the respondents

Heard: January 12, 2016

On appeal from the judgment of Justice Gerald E. Taylor of the Superior Court of Justice, dated February 10, 2015.

APPEAL BOOK ENDORSEMENT

[1] The issue in this case is whether under the terms of the agreement, the appellants or any associated company were entitled to register a Notice pursuant to s. 71 of the Land Titles Act, R.S.O. 1990, c. L.5.

[2] The trial judge found that the appellants were not, in the words of s. 71, "entitled to or interested in any unregistered estate, right interest or equity in land". The core of his reasoning is that, a potential right to become a 50% shareholder in a corporation that owns land, so as to become entitled to any share of any profit generated from the sale of that land, is not entitled to register under s. 71. We agree.

[3] Although the appellant submits that if a party has a potential financial interest in the outcome of a sale of land, that party may register under s. 71, in our opinion the submission put forward here is too remote from the intended ambit of s. 71.

[4] By agreement costs of the appeal are fixed in the amount of $10,000 plus HST and are payable to the respondents.