Fleet National Bank v. Phillips

When he was president of Steinberg Furniture Co., Inc. (“Stein-berg”), defendant Stuart Phillips (“Phillips”) personally guaranteed payment of Steinberg’s promissory note to the First National Bank of Boston (“First National”). The trial judge found Phillips individually liable to First National’s successor, Fleet National Bank (“Fleet”), on that guaranty. Phillips appealed, arguing that the trial judge improperly neglected to address both the issues of Fleet’s failure to prove it was a holder of the note and of Fleet’s failure to establish that there had been a reasonable disposition of the…