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Damages for promissory note calculated at 12% due to consumer proposal; partial indemnity costs awarded.
Following a trial concerning a $225,000 promissory note, the court resolved outstanding issues regarding damages and costs.
The court determined that damages must be calculated based on a 12% fraction of the debt owing at the time the defendant filed a consumer proposal, plus interest, totaling $21,223.16.
The plaintiff was successful against one defendant and was awarded $51,567.00 in partial indemnity costs, factoring in the implications of the late-raised consumer proposal.
