Proctor Trust Co. v. Upper Valley Press, Inc.

This mortgage foreclosure action arises out of the purchase and sale of a printing business in Bradford. The Proctor Trust Company (the Bank) owned and operated the press during the time it was searching for a buyer, a period of eight months. The defendants purchased the business, claiming to have relied on two statements and projections of income, one prepared by Lyman Cousens, a former vice president of the Bank, who had left its employ at the time of the transaction, and the other by his successor, Alfred Leblanc. The evidence in the case is that these statements were highly misleading,…