Background:

• BMO mistakenly deposited $303,727.38 into the defendants’ account instead of Orillia Motorcar Inc. due to a transposition error on deposit slips in October 2021.
• Behnam Nikaiin, owner of the corporate defendants, withdrew the funds but failed to return them despite acknowledging the mistake.
• BMO recovered $27,534.02, leaving $277,827.96 outstanding.

Claims by BMO:

• Recovery of $277,827.96 under:
  1. Restitution for money paid under a mistake of fact.
  2. Conversion, alleging wrongful interference with funds.
  3. Unjust enrichment, asserting the defendants were enriched at BMO's expense without juristic reason.

Court’s Findings:

• Restitution: The erroneous deposits were made under a mistake of fact; the defendants were obligated to return the funds.
• Conversion: The defendants wrongfully used funds they knew were not theirs.
• Unjust Enrichment: Defendants retained funds unjustly, depriving BMO.

Ruling:

• Defendants must repay $277,827.96 to BMO, with 6% interest per annum from November 4, 2024.
• Additional costs of $42,253.50 awarded to BMO.
• BNS ordered to release $20,000 held in the defendants’ account to BMO.