The plaintiffs sued their real estate agent, alleging he defrauded them into purchasing a home with an illegal basement and securing a private mortgage.
The defendant agent moved for leave to issue a third party claim against the plaintiffs, a restaurant corporation, and his own investment company for contribution and indemnity regarding the mortgage loan default.
The court dismissed the motion, finding that the proposed third party claim was actually a breach of contract claim that was discoverable when the loan defaulted in December 2021.
Consequently, the claim was statute-barred under the Limitations Act, 2002, and granting leave would cause non-compensable prejudice to the plaintiffs.
