Lambert v. Fleet National Bank

The plaintiff, George Lambert, obtained a five-year, $500,000 commercial mortgage loan from a predecessor of the defendant, Fleet National Bank (now Bank of America).1 The bank agreed to renegotiate the mortgage loan every five years so long as, among other things, the loan was not in default. Five *120years later, as contemplated, the bank “rolled over” the mortgage loan into a new five-year note and mortgage. During the next several years, the plaintiff fell behind in the mortgage payments, as well as on taxes and bills on the property. As a result, the defendant declined the plaintiff’s…