Canadian Imperial Bank of Commerce v. Zaynluke Restaurant Ltd.
The defence disclosed no basis for resisting CIBC's claim because the credit agreement and guarantees made the debt payable on demand, CIBC validly demanded payment, the defendants did not repay, no genuine issue of material fact remains and the defendants' good faith argument was not pleaded or material; summary judgment for CIBC is warranted and the defence is struck.
Source excerpt
- Demand loan
- Guarantee
- Breach of contract
- Summary judgment
- Good faith contractual performance
- Security agreement