The plaintiff invested $100,000 in a mortgage syndication administered by the defendant corporation.
The defendant, acting as the plaintiff's agent, discharged the mortgage on the original project lands and transferred it to another property without the plaintiff's knowledge or consent.
The plaintiff lost her investment when the related companies entered CCAA proceedings.
On cross-motions for summary judgment, the court found that while the defendant was not a borrower obligated to repay the loan, it breached the subscription agreement by transferring the mortgage without authorization.
The plaintiff was awarded damages of $81,250, representing her initial investment less interest payments received.