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Horizon Czechowski

BrooksField Savings & Loans VS Malik Taylor

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Posted (edited)

Case Pending

Hello,

Case Number: S07

Docket Number: 06-11-21CV-1

Judge Being Assigned: @Papa Pug @Joseph Ibney Tom Denning & Edward Boyd

Processed by Court Clerk HR  - 11/06/2021

Kind Regards

Loxxon Shepherd - State Court Chief Registrar

Edited by Loxxon Husky

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7 hours ago, Loxxon Husky said:

Case Pending

Hello,

Case Number: S07

Docket Number: 06-11-21CV-1

Judge Being Assigned: Edward Boyd

Processed by Court Clerk HR  - 11/06/2021

Kind Regards

Loxxon Shepherd - State Court Chief Registrar

Judges assigned are IBNEY, J., PUG, J. and BOYD, J. Denning, J. not participating unless he replied to this thread that he is.

cc: @Jack Fire

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#Denning J has managed to make it out of hospital and has crawled onto the Bench. He shall be joining the trail on days he isn’t too sick to make it into court.

1 hour ago, Edward said:
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14 hours ago, Jack Fire said:

#Denning J has managed to make it out of hospital and has crawled onto the Bench. He shall be joining the trail on days he isn’t too sick to make it into court.

As a matter of law, this is poggers. 

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Additional briefings ordered in respect to the following—

1) Was the interest rate of 15% per period of 1 week only applicable for the term of the contract, thus not compoundable for late payment? 
2) Was the late fee of 10% interest only payable on the outstanding balance at the time of default, or does the 10% interest apply at the date of judgement?
3) Does the 10% additional interest clause constitute a 'penalty' clause, and if so, what is the effect of this?
4) Does the death of the Mr. Taylor constitute a frustration of the contract, or any particular contractual terms, and if so what is the effect?
5) If the court finds the Plaintiff's claim is defeated by an affirmative defence, does the Plaintiff have the right to recover the money loaned under an equitable or common law remedy?
6) Can the Plaintiff claim prejudgement interest, and if so, what is the rate of prejudgement interest? Does such a finding change based on the answer to Question 1?
7) On what date did Mr. Taylor pass away and was he under any legal incapacity or disability before this point?

@Horizon Czechowski @Aiden, ADN 🔥

Ordered by Wednesday, June 23, 2021.

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1.)  The Term of the loan was expected to be one week, with there being only one period. However, due to the failure of payment, the period had continued to accumulate under capitalization, and therefore the term, until BrooksField declared default of Malik Taylor's account, which was upon the submission of the complaint.
2.) In this case, the late fee is only applicable on the outstanding balance at the declaration of default as BrooksField is moving to close the account.
3.) The 10% late fee is not defined as penalty clause, but a subject of the interest rate agreement. It is a conditional additional interest subject of  payment being late, as described by "Payment shall be considered late if received by Lender 1 day after its due date. Lender will have the option to charge a late fee of 10%."
4.)The date of the defendants death was after the final date of loan repayment, as listed on the Malik Taylor Loan Agreement. Even then, the agreement of the contract would still be liable to the Defendant's estate.
5.) We are only looking to recover the "Expected Loan Repayment Total: $247,250" along with some equitable late fee that would cover operational costs and legal fees for counsel. We will do so through the remaining estate of Malik Taylor in his untouched accounts and properties.
6.) This might be what he is asking. While Brooksfield is not directly seeking prejudgement interest. Under the complaint, the Loan Agreement with Mr. Taylor has  has continued to capitalize until the default declaration by BrooksField, which was at the time of the submission of the complaint to the court. This figure is listed in the complaint, and has not furthered increased.
7.) The last contact BrooksField had with the defendant was on March 16th, 2021. He has indicated that he was working on the Loan, and BrooksField had taken his indication as truth. At no point did he alert BrooksField of any incapacity or disability to that time.

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Counsellors, please prepare argumentation for the following topics for oral argumentation and presentation—

1. Frustration and contract, non-performance and force majeure;

2. Effects of government subsidisation on loan repayments.

 

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Posted (edited)
Justice Boyd, attached is the Respondent's brief in regards to your questions posed.
 

 

Edited by Marcus Goldstein

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