The Plaintiff, Samuel Stern, sought summary judgment for an unpaid $1,000,000 loan, plus 8% interest from January 15, 2018.
The Defendant, Mehran Moeinifar, personally guaranteed the loan, secured by a third mortgage on an Ontario property and a collateral mortgage on a Florida property.
The court granted judgment for $1,445,673.52 (including interest as of March 31, 2023) with pre- and post-judgment interest at 8%.
Key Issues & Findings
Jurisdiction Challenge:
The Defendant argued Ontario lacked jurisdiction due to a Florida law clause in the collateral mortgage.
The court rejected this, ruling that:
The Defendant attorned to Ontario’s jurisdiction by filing a defense without raising jurisdiction.
The loan agreement and guarantee were governed by Ontario law.
The Florida law clause applied only to the collateral mortgage.
Forum Non Conveniens:
The Defendant claimed Florida was a more appropriate forum.
The court found this argument untimely and unsubstantiated, as:
No motion to stay proceedings was ever filed.
The loan, guarantee, and borrowers were Ontario-based.
Final Decision
The Defendant was liable as a principal debtor, not a mere surety.
No payments were made after February 2018, and enforcement in Florida was complicated by a promissory note issue.
The Plaintiff obtained an order lifting the bankruptcy stay and successfully pursued judgment in Ontario.
The court found no genuine issue for trial and ruled in the Plaintiff’s favor.
