Facts: Robert Meadows claims he loaned $60,000 to Yvonne Sward for her business, Renew Laser Ltd., which she denies, arguing it was a gift, not a loan. The dispute centers on the nature of the $60,000 transfer and the existence of a loan agreement.
Issue: Whether the $60,000 transferred by Meadows to Sward was a loan and if Sward (and potentially Renew Laser Ltd.) is obligated to repay it under the terms discussed.
Court's Ruling: The court determined that the transfer was indeed a loan based on the conduct and partial repayments made by Sward, despite the absence of a signed promissory note. Renew Laser Ltd. was not found liable as it was not a party to the loan agreement.
Costs/Damages Awarded: Sward was ordered to pay Meadows $62,393.34, which represents the principal amount plus interest accrued until the date the line of credit was paid off, minus the payments already made by Sward. Pre-judgment interest from July 24, 2020, to the date of the decision is also payable on this sum.
