Johnson v. Russell

The plaintiff, in 1966, hypothecated certain securities so that the defendant’s corporation, Newmark Associates, Inc., could obtain a loan with the City Bank and Trust Company of Boston. The defendant, as president of the corporation, signed a collateral installment note. The note fell into default, and the plaintiff and defendant, in 1967, had a meeting in Boston as a result of which the loan was renegotiated at another bank. The evidence before the trial court was in dispute as to whether or not at the Boston meeting the defendant agreed orally to be personally responsible for the remaining…