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GUARANTEES AND INDEMNITIES - Guarantee - Liability of guarantor

Thursday, July 20, 2017 @ 8:24 AM  

Appeal by the plaintiff, Royal Bank of Canada (Bank), from a decision dismissing its motion for summary judgment on the basis that there was a genuine issue requiring a trial regarding misrepresentation. The respondent, MJL Enterprises Inc. (MJL), borrowed $75,000 from the Bank by way of a Loan Agreement supported by several security documents, including personal guarantees of the individual respondents, which were limited to $75,000. When MJL defaulted and failed to respond to the Bank’s demand for payment, the Bank commenced the present action against...