Key Facts:

• Plaintiff: Lukey Capital Corp.
• Defendants: A corporation and five individuals (joint and several liability).
• Issue: Non-payment of a $75,000 promissory note signed March 30, 2022, with 14% annual interest due June 30, 2022.
• Defendants made monthly interest payments until November 20, 2023, but no principal repayment occurred.

Court Findings:

1. Validity of the Promissory Note: The note was clear, concise, and acknowledged by defendants. Defendants admitted understanding its terms and obligations.
2. Claims of Ambiguity or Coercion: Defendants failed to provide evidence supporting claims of ambiguity, coercion, or improper execution.
3. Amendments to Terms: No enforceable amendments to the repayment schedule were proven.
4. Default: The note's terms allowed immediate action upon default without further demand. Emails confirmed repayment demands were made.

Judgment:

• The court granted summary judgment to Lukey Capital Corp.:
  • $77,646.58 for principal and three months' interest.
  • $13,750.69 for outstanding interest up to November 2024.
  • Post-judgment interest at 14% per annum.
• Costs: Defendants to pay $27,950 inclusive of HST and disbursements.

Legal Basis:

• Summary judgment upheld based on the proportionality and efficiency principles in Hryniak v Mauldin (2014 SCC 7).