Summary

34410

Maria Louisa Bozzo, et al. v. Duca Financial Services Credit Union Ltd.

(Ontario) (Civil) (By Leave)

Keywords

None.

Summary

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Trusts — Express trusts — Validity of trust declaration — Applicant executing trust declaration whereby he declared that he held his shares in a certain company in trust for his wife — Respondent creditor claiming that purported trust is a sham and invalid and unenforceable — Whether retaining control of assets held in trust is determinative that a settlor does not have the requisite intention to create a trust — Whether appellate level courts can overturn a decision on a finding of fact without applying the necessary standard of review.

The applicant Albert Bozzo executed a trust declaration whereby he declared that he held his shares in a certain company in trust for his wife, Maria Bozzo. The respondent creditor commenced an action attacking the purported trust on the basis that it is a sham and invalid and unenforceable. The trial judge dismissed the respondent’s claim. The Court of Appeal allowed the respondent’s appeal of that decision and granted judgment in the form requested.

Lower Court Rulings

May 27, 2010
Ontario Superior Court of Justice

31-282211, 2010 ONSC 3104
Respondent’s claim dismissed
June 2, 2011
Court of Appeal for Ontario

C52323, 2011 ONCA 455
Appeal allowed; cross-appeal dismissed