[DOWNLOAD] "George Broomfield v. Joseph Kosow & Others" by Supreme Judicial Court of Massachusetts * eBook PDF Kindle ePub Free
eBook details
- Title: George Broomfield v. Joseph Kosow & Others
- Author : Supreme Judicial Court of Massachusetts
- Release Date : January 15, 1965
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 79 KB
Description
In view of previous relations between a lender and a borrower, of trust and confidence reposed in the lender by the borrower,
and of other circumstances, where it appeared that the borrower was in need of financing for building construction, that the
lender arranged for a construction contract between the borrower and a contractor acting for and under the control of the
lender at a contract price which both the lender and the contractor knew was far in excess of the prospective cost of the
work, that the lender thereupon made a loan to the borrower in the amount of the construction contract price and received
secured notes therefor, that subsequently the lender procured payment of such amount by the borrower to the contractor and
by the contractor to himself, the lender, and that the lender, after defraying construction costs in a total of less than
one-half of such amount, retained the balance thereof without accounting to the borrower as he had promised to do, it was
held that the lender was a fiduciary with respect to the borrower and held the retained balance on a constructive trust for
the borrower. [757-758] The parol evidence rule did not preclude consideration of evidence that the execution of a written contract was induced by
a verbal fraudulent misrepresentation made prior to the time of execution but still operative at that time. [758-759]