Event and Time
Event Description
- Case Name: Not specified
- Court: Not specified
- Date of Decision: Not specified
- Relevant Dates:
- March 2018: Initial discussions on the property sale. - 3 April 2018: Draft contract sent to defendants. - April 2018: Price change and submission of amended contract. - 7 May 2018: Draft loan agreement sent for execution. - 10 May 2018: Communication about settlement amounts. - 15 May 2018: Scheduled settlement. - 23 May 2018: Property transfer registered. - 24 July 2020: Death of Keith Snell. - 21 December 2021: Notice sent by SMAA's lawyers regarding loan obligations.
Application and Claims
- Claim by Plaintiff (SMAA):
- Sought to enforce the loan agreement amounting to $1.2 million plus additional sums that were considered part of the advance due to deficiencies in settling the sale. - Claimed a total judgment amount of $1,442,161.88 with interest and costs.
- Defendant (MSL):
- Disputed the precise amount of the loan claimed by the plaintiff. - Argued that the amount payable upon the appointment of receivers and managers was not an event of default.
Judicial Decisions
- Judgment:
- Court ordered the extension of caveat until all debts owed were paid. - Judgment for the plaintiff for $1,442,161.88 against the defendants. - Set interest at 6% from 15 May 2018 until payment was made. - Defendants to pay the plaintiff’s costs on an indemnity basis.
Dispute Points and Legal Basis
Dispute Points
- Plaintiff's Position:
- Claimed a breach of the loan agreement due to failure to pay the full advance as stipulated. - Argued that any payments made beyond the $1,200,000 constituted part of the loan governed by the agreement due to clause 3.3.