JB Mortgage Co., LLC v. Ring, et al. (Lawyers Weekly No. 11-109-16)
NOTICE: All slip opinions and orders are subject to formal revision and are superseded by the advance sheets and bound volumes of the Official Reports. If you find a typographical error or other formal error, please notify the Reporter of Decisions, Supreme Judicial Court, John Adams Courthouse, 1 Pemberton Square, Suite 2500, Boston, MA, 02108-1750; (617) 557-1030; SJCReporter@sjc.state.ma.us 15-P-1258 Appeals Court JB MORTGAGE CO., LLC vs. JORDAN L. RING, THIRD, & another.[1] No. 15-P-1258. Middlesex. May 18, 2016. – August 26, 2016. Present: Katzmann, Carhart, & Sullivan, JJ. Guaranty. Limitations, Statute of. Civil action commenced in the Superior Court Department on March 4, 2014. The case was heard by Peter B. Krupp, J. Michael P. Utke (Steven F. Smoot with him) for the plaintiff. Luke Rosseel for Jordan L. Ring, III. KATZMANN, J. The plaintiff, JB Mortgage Co., LLC, appeals from a judgment of the Superior Court dismissing its action to enforce defendant Jordan L. Ring, III’s guaranty of a promissory note secured by a mortgage on real property. The trial judge found that the plaintiff’s suit was barred by the applicable statute of limitations because it was filed more than twenty years after a default existed on the underlying note. The central issue before us is when the cause of action on the guaranty of the note accrued. We affirm. Background. On July 21, 1988, Edward C. Simonian, as trustee of the DX Trust (trust), executed a promissory note in favor of Bank Five for Savings (bank) in the face amount of $ 400,000. Under the note, the trust was required to make monthly payments of principal and interest, with all remaining unpaid balances due two years from the date of execution. In addition to other penalties for failure to make timely payments, the note provided that, “If default be made in the payment of any installment under this note, or if there is a failure to carry out the terms and conditions of the mortgage or any other instrument given as security for this note, . . . the entire principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of this note.”[2] The note was secured by a first mortgage on commercial property in Hull. The note was also backed by a guaranty executed by Simonian and Ring under seal the same day, July 21, 1988. In pertinent part, the guaranty stated: “[T]he undersigned hereby guarantees to the [b]ank the prompt payment and the faithful performance and observance of every liability, obligation, covenant and condition . . . to be paid, performed […]
State of the Race: More Hats in Mayoral Ring
In a mayoral race, sometimes an early favorite can dissuade other would-be contenders from starting a campaign. The 2013 Boston mayoral election is not one of those races. Instead, the race has drawn several more contenders this week, and more still are mulling a run. The crowded field has led to what the Boston Herald’s Peter Gelzinis called “a shootout in a lifeboat,” with each candidate working feverishly to solidify his support in his own backyard. The swollen field will be reduced to two after the primary, and every new candidate lowers the total vote threshold needed to make the finals. This past week, city councilors Mike Ross and Felix Arroyo joined the race, along with long-time Dorchester community activist Bill Walczak. That’s three more guys into an already all-male field. What of the female candidates? Ayanna Pressley is now considering a run, as is YouthBild USA’s Charlotte Golar Richie. Maura Hennigan, who ran for mayor in 2005, decided this week to bow out of the race. Public Safety Secretary Andrea Cabral and State Senator Sonia Chang-Diaz previously announced they would not run. Below is the list of candidates would-be candidates, undecided and notable “No’s” as of Sunday, April 13. Did we miss anyone? Is there anyone left to miss? Tell us in the comments with a link to their latest statement or quote and we’ll add it to the chart! Who’s in (meaning they have announced they will run) John Connolly, city councilor Dan Conley, Suffolk County district attorney Marty Walsh, state representative William Dorcena, community activist Charles Clemmons, TOUCH 106.1 FM co-founder Rob Consalvo, city councilor Felix Arroyo, city councilor Mike Ross, city councilor Bill Walczak, Codman Square Health Center co-founder Who’s seriously considering a run Ayanna Pressley, city councilor Charles Yancey, city councilor John Barrios, Dudley Street Neighborhood Initiative executive director Charlotte Golar Richie, YouthBuild USA vice president for public policy Who’s undecided Stephen Murphy, city council president Jeffrey Sanchez, state representative Who’s out (meaning they have publicly said they will not run for mayor) Tito Jackson, city councilor Sonia Chang-Diaz, state senator Matt O’Malley, city councilor Bill Linehan, city councilor Russell Holmes, state representative Paul Grogan, Boston Foundation president Andrea Cabral, Massachusetts Public Safety Secretary James Rooney, Massachusetts Convention Center Authority executive director Maura Hennigan, Suffolk County criminal court clerk South End Patch