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| Simon Estate vs. Astas Commerce Inc. |
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Between
The Estate of Allan Jack Simon, deceased, and Edith Simon, Litigation Administrator on behalf of the Estate of Allan Jack Simon, plaintiffs,
and Astas Commerce Inc. and Angelo Rapanos, defendants |
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[2001] O.J. No. 4137
Court File No. 98-CV-146372 |
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Ontario Superior Court of Justice
Day J. |
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Heard: April 17-25, 2001.
Judgment: October 24, 2001.
(24 paras.) |
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Kevin Sherkin, for the plaintiffs.
Steven H. Goldman, for the defendants. |
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| Negotiable instruments — Promissory notes — Requirements of promissory note — Delivery — Defences. |
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| Action by the Simon Estate against Astas Commerce for payment on a promissory note. Simon sold a property in France to Rapanos, the owner of Astas, which paid part of the purchase price with a promissory note for $585,000. Rapanos claimed that the note was never delivered, but was sent by fax. He also claimed that the note did not represent the balance of the purchase price, which had been paid in full. He claimed that he issued the promissory note to Simon so that Simon could obtain a loan by fraudulently indicating to his bankers that he was a creditor on the promissory note. |
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| Held, Action allowed. |
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| The Simon Estate was awarded the full amount of the note, plus interest in accordance with the terms of the note. Rapanos's suggestion that the note was issued for a fraudulent purpose was outrageous. The fact that the note was not physically delivered did not preclude it from constituting evidence of the debt owed by Astas. It was sent for a purpose, and the only legitimate purpose was as partial consideration for the sale of the French property. |
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