The plaintiff, Jaymat Limited, brought a motion for summary judgment against the defendants, Vivo Pizza Pasta Franchising Inc. and Pino Trichilo, for repayment of advances made in respect of several restaurant locations.
The court found that the advances, initially ambiguous as to whether they were loans or equity, were ultimately confirmed as loans by a promissory note signed in October 2021.
The court held that both defendants received consideration for signing the note, and that the note was enforceable.
Judgment was granted to the plaintiff for $2,100,000 plus interest, with leave to amend the corporate defendant’s name.