Trusts | Resulting trust
In 1996, MS became president of defendant company and was registered owner of single share. Assets owned by company included two taxis and other investments. In 2010, serious family argument occurred resulting in plaintiff MD and wife AD divorcing, and causing MD to become estranged from daughter MS and her husband. MD claimed he was true owner of company and demanded that MS transfer single share to him. MD brought action against MS, her husband, and company claiming declaration that MS was trustee holding share for his benefit. MS brought counter-claim for damages in amount of $49,000 based on allegation that MD made withdrawals from her credit card in that amount. Action dismissed; counter-claim allowed. MS' evidence was accepted that taxi and share in company were gift to her, and this evidence was supported by mother and husband. MD's evidence that MS held property in trust for his benefit was not accepted. MS rebutted presumption of resulting trust.
Drakoulakos v. Stirpe (2019), 2019 CarswellOnt 3077, 2019 ONSC 1430, Cavanagh J. (Ont. S.C.J.).
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