Penney v. First National Bank of Boston

Frederick Penney, a commercial fisherman who borrowed money from the defendant bank, appeals from a summary judgment for the bank on his complaint and from an award of attorney’s fees in favor of the bank on its counterclaim. We affirm.

On March 28, 1975, Penney borrowed $32,802.39 from the bank, and executed a promissory note and a security agreement involving a lobster boat. The back of the note provided that upon default all obligations would become immediately due and payable without notice or demand and the holder would then have the rights and remedies of a secured party under the…