Case information
Conduct a refined search of the Supreme Court of Canada database to obtain details on the status of a matter before the Court.
33394
I Trade Finance Inc. v. Bank of Montreal
(Ontario) (Civil) (By Leave)
Docket
Judgments on applications for leave to appeal are rendered by the Court, but are not necessarily unanimous.
| Date | Proceeding | Filed By (if applicable) |
|---|---|---|
| 2011-05-31 | Appeal closed | |
| 2011-05-24 | Formal judgment sent to the registrar of the court of appeal and all parties | |
| 2011-05-24 | Judgment on appeal and notice of deposit of judgment sent to all parties | |
| 2011-05-20 |
Judgment on the appeal rendered, Bi LeB De F Cha Ro Cro, The appeal from the judgment of the Court of Appeal for Ontario, Number C49638, 2009 ONCA 615, dated August 18, 2009, heard on November 4, 2010, is dismissed with costs. Dismissed, with costs |
|
| 2010-11-19 | Transcript received, (42 pages) | |
| 2010-11-04 | Judgment reserved OR rendered with reasons to follow | |
| 2010-11-04 |
Hearing of the appeal, 2010-11-04, Bi LeB De F Cha Ro Cro Judgment reserved |
|
| 2010-11-04 | Acknowledgement and consent for video taping of proceedings, All parties consented | |
| 2010-11-04 | Respondent's condensed book, Rec'd in Court | Bank of Montreal |
| 2010-11-04 | Appellant's condensed book, Rec'd in Court | I Trade Finance Inc. |
| 2010-10-28 | Notice of appearance, Joshua Siegel and Michael Collis will be appearing and Mr Siegel will make oral argument. | Bank of Montreal |
| 2010-10-28 | Notice of appearance, Benjamin Salsberg and Fay Zalcberg will be appearing and Mr. Salsberg will present oral argument | I Trade Finance Inc. |
| 2010-10-12 | Correspondence received from, Benjamin Salsberg dated October 12, 2010. Re: Change of agent | I Trade Finance Inc. |
| 2010-09-30 | Order on motion to extend time | |
| 2010-09-30 |
Decision on motion to extend time, to serve and file the respondent's Book of Authorities including its electronic version to Sept-24-10, Reg Granted |
|
| 2010-09-30 | Submission of motion to extend time, Reg | |
| 2010-09-24 | Response to motion to extend time, Completed on: 2010-09-24 | I Trade Finance Inc. |
| 2010-09-24 | Motion to extend time, to serve and file the Book of Authorities to Sept-24-10, Completed on: 2010-09-24 | Bank of Montreal |
| 2010-09-24 | Respondent's book of authorities, Completed on: 2010-09-24 | Bank of Montreal |
| 2010-09-15 | Respondent's factum, Completed on: 2010-09-15 | Bank of Montreal |
| 2010-09-15 | Appeal perfected for hearing | |
| 2010-07-21 | Appellant's book of authorities, Completed on: 2010-07-21 | I Trade Finance Inc. |
| 2010-07-21 | Appellant's record, (2 volumes), Completed on: 2010-07-21 | I Trade Finance Inc. |
| 2010-07-21 | Appellant's factum, Completed on: 2010-07-21 | I Trade Finance Inc. |
| 2010-07-05 | Notice of hearing sent to parties | |
| 2010-07-05 |
Appeal hearing scheduled, 2010-11-04, (Start time 9:30 am) Judgment reserved |
|
| 2010-05-11 | Correspondence received from, Benjamin Salsberg, dated May 10-10, by fax, Re: response to letter from court regarding conflict of interest | I Trade Finance Inc. |
| 2010-04-28 | Notice of appeal, Completed on: 2010-04-28 | I Trade Finance Inc. |
| 2010-04-27 | Correspondence (sent by the Court) to, all parties, dated April 27, 2010, by fax only, Re: conflict of interest | |
| 2010-04-14 | Letter advising the parties of tentative hearing date and filing deadlines (Leave granted) | |
| 2010-04-06 | Copy of formal judgment sent to Registrar of the Court of Appeal and all parties | |
| 2010-04-06 | Judgment on leave sent to the parties | |
| 2010-04-01 |
Judgment of the Court on the application for leave to appeal, The application for leave to appeal from the judgment of the Court of Appeal for Ontario, Number C49638, 2009 ONCA 615, dated August 18, 2009, is granted with costs in the cause Granted, with costs in the cause |
|
| 2010-03-01 | All materials on application for leave submitted to the Judges, Bi F Cha | |
| 2009-11-17 | Respondent's response on the application for leave to appeal, Completed on: 2009-11-17 | Bank of Montreal |
| 2009-10-27 | Letter acknowledging receipt of an incomplete application for leave to appeal | |
| 2009-10-19 | Application for leave to appeal, Proof of service missing (rec'd. Nov.2-09), Completed on: 2009-11-02 | I Trade Finance Inc. |
Parties
Please note that in the case of closed files, the “Status” column reflects the status of the parties at the time of the proceedings. For more information about the proceedings and about the dates when the file was open, please consult the docket of the case in question.
Main parties
| Name | Role | Status |
|---|---|---|
| I Trade Finance Inc. | Appellant | Active |
v.
| Name | Role | Status |
|---|---|---|
| Bank of Montreal | Respondent | Active |
Counsel
Party: I Trade Finance Inc.
Counsel
Fay Zalcberg
1800 - 4950 Yonge Street
North York, Ontario
M2N 6K1
Telephone: (416) 224-0224
FAX: (416) 224-0758
Email: bensalsberg@torlaw.com
Agent
50 O'Connor Street, Suite 1625
Ottawa, Ontario
K1P 6L2
Telephone: (613) 233-1146
FAX: (613) 233-7190
Party: Bank of Montreal
Counsel
1200 Sheppard Avenue East
Suite 402
North York, Ontario
M2K 2S5
Telephone: (416) 499-5252
FAX: (416) 499-2290
Agent
World Exchange Plaza
100 Queen Street, suite 1100
Ottawa, Ontario
K1P 1J9
Telephone: (613) 237-5160
FAX: (613) 230-8842
Email: neffendi@blg.com
Summary
Keywords
None.
Summary
Case summaries are prepared by the Office of the Registrar of the Supreme Court of Canada (Law Branch). Please note that summaries are not provided to the Judges of the Court. They are placed on the Court file and website for information purposes only.
Property law - Personal property - Fraudulent transaction - Bona fide purchaser for value without notice - Equity - Tracing - Personal property security - Unjust enrichment - Two innocent financial institutions claiming entitlement to funds involved in a fraudulent scheme - Under what circumstances will an innocent person be precluded from recovering money paid under a fraudulently induced fact? - Under what circumstances will the veil of a corporation utilized by a fraudster be lifted and the corporation not be treated as distinct from the controlling fraudulent principal?
A and others induced the Appellant to advance $11.2 million (the “i Trade Funds”) to Webworx Inc. The i Trade Funds were to finance fictitious contracts for computer services that Webworx allegedly had with a U.S. company. A then used the i Trade Funds to purchase shares in an account with BMO Nesbitt Burns. A and his wife later agreed to use these shareholdings as security for an increase in the credit limit of their Bank of Montreal Mastercard Account to $75,000. No written security agreement was executed or security interest registered, however A and his wife signed a Collateral Agency Agreement and later a Notice and Direction acknowledging that they had granted a security interest in or had pledged their shareholdings to the Respondent. The latter had no notice of the fact that A had no interest in or entitlement to the underlying i Trade Funds. When A’s deceit became apparent, the Appellant launched civil proceedings, obtaining judgment against A and others, an order that the funds be held in trust, and an order for tracing. A, his wife and others have been convicted of fraud. The Appellant brought a motion to determine, as between the Respondent and itself, entitlement to the sum of $130,117.11 currently held in trust and traceable to the i Trade Funds.
Lower court rulings
Ontario Superior Court of Justice
03-CV-246248CM4
Order declaring that the Applicant is entitled to the proceeds.
Court of Appeal for Ontario
C49638, 2009 ONCA 615
Appeal allowed, lower court order set aside and proceeds awarded to the Respondent.
Memorandums of argument on application for leave to appeal
The memorandums of argument on an application for leave to appeal will be posted here 30 days after leave to appeal has been granted unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of the memorandum by filing out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a memorandum of argument or want to use a memorandum of argument, please contact the author of the memorandum of argument directly. Their name appears at the end of the memorandum of argument. The contact information for counsel is found in the “Counsel” tab of this page.
Downloadable PDFs
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Related links
Factums on appeal
The factums of the appellant, the respondent and the intervener will be posted here at least 2 weeks before the hearing unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of factums by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a factum or want permission to use a factum, please contact the author of the factum directly. Their contact information appears on the first page of each factum.
Downloadable PDFs
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