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Jun 9, 1998

National Trust Company. v. Saks

Irving Marks and David Taub represented the developer of an office building complex against the construction lender, National Trust. The lender demanded payment of the loan during construction and alleged that the developer had fraudulently misrepresented construction progress to improperly obtain construction loan advances. The lender appointed a receiver to complete and sell the project and sued developer and guarantor for the alleged shortfall on the loan. The developer counterclaimed for damages alleging that the loan had been called without reasonable grounds and in bad faith. The action against the developer and guarantor was dismissed and the developer was awarded damages on the counterclaim against National Trust for loss of profits from the project in the sum of $3 million, plus costs on a solicitor and client basis.

  • National Trust Co. v. Saks, [1994] O.J. No. 2488
  • National Trust Co. v. Saks, [1995] O.J. No. 853
  • National Trust Co. v. Saks, [1996] O.J. No. 2257
  • National Trust Co. v. Saks, 1998 CanLII 2639 (ON CA)

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