Bank of America, N.A. v. FayAnnotate this Case
The Supreme Court affirmed the judgment of the superior court in favor of Plaintiff, Bank of America, in this consolidated appeal, holding that the hearing justice did not err.
Defendants were the sole principles of an LLC. The LLC executed a promissory note to Plaintiff secured by a first-position mortgage on the property. On the same day, Defendants executed a guaranty of the loan agreement. When the LLC failed to pay the note, Plaintiff filed complaints in Connecticut Superior Court and in Rhode Island Superior Court seeking to foreclose on the property and arguing that Defendants were jointly and severally liable for the indebtedness due under their guaranty. In both actions, final judgment was entered in favor of Plaintiff. The Supreme Court affirmed, holding that the hearing justice did not err when he (1) granted Plaintiff's motion for partial summary judgment as to Defendants' liability on the guaranty; (2) found that Defendants were bound by the Connecticut Superior Court's deficiency calculation; and (3) denied Defendant's motion to amend his answer without holding a hearing.