A bank brought a motion for summary judgment against a corporate borrower and its principal guarantor following default on two loans and a corporate credit card account.
The guarantor alleged that bank representatives had represented that liability would be limited to approximately ten percent of the loan amounts because the loans were insured under the Canadian Agricultural Loans Act scheme.
The court held that the written guarantees contained clear “no representations” clauses preventing reliance on alleged oral assurances and that the responding party failed to put forward evidence establishing a genuine issue requiring trial.
Applying the summary judgment framework from Hryniak v. Mauldin, the court concluded that the record permitted a fair and just determination without trial.
Summary judgment was granted enforcing the guarantees and outstanding indebtedness.
