Appeal from trial judgment finding defendants liable on personal guarantees for 25 mortgages.
The appellants challenged the limitation period applicable to claims on stand-alone guarantees, arguing the two-year period under the Limitations Act, 2002 applied rather than the ten-year period under the Real Property Limitations Act.
The trial judge had also reduced the amount owing by 50 per cent to account for settlement proceeds from a negligence action against the plaintiff's solicitor.
The appellants appealed the limitation period determination and the 50 per cent reduction; the plaintiff cross-appealed arguing no reduction should apply.
The court dismissed the appeal on the limitation period issue, finding stand-alone guarantees fall within "any other instrument to repay whole or part of any money secured by a mortgage" under the Real Property Limitations Act.
The court allowed the cross-appeal on the double recovery issue, finding no basis to reduce the guaranteed debt by the settlement proceeds.