First National Bank v. Slade

On May 24, 1976, the defendant executed a document guaranteeing the obligations of P. S. Thorsen Co. of Mass, (corporation) to the plaintiff (bank). In October, 1977, acting through Slade, its president and treasurer, the corporation executed an assignment for the benefit of creditors. The bank brought this action to collect from Slade, as guarantor, the corporation’s unpaid obligations to it. Slade has defended the action principally on the ground that the bank as trustee of a voting trust, holding all the shares of common stock of the corporation, violated its fiduciary duty in collecting a…