In its time it was the seventh-largest bank in the United States, as measured by assets ($197 billion in 2003). It had almost 50,000 employees, over 20 million customers worldwide and revenues of $12 billion per year.
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Fleet moved to dismiss the special proceeding, arguing that its status in the transaction was solely that of a lender-mortgagee and not a trustee subject to article 3-A of the Lien Law.
Fleet therefore owed the beneficiaries a duty of loyalty and was required "to administer the trust solely in the interest of the beneficiaries" (IIA Fratcher, Scott on Trusts, at § 170 [4th ed]; Rest.
Fleet asserts that the inclusion of the reference to the assignment in its mortgages was the equivalent of record notice to potential claimants of Fleet's priority interest in the trust assets.
Fleet then did nothing to execute on its judgment, and Narco, the landlord of Oriental, evicted Oriental from its premises on or about September 17, 1999.
When asked by this Court whether or not Fleet wanted to take possession of the remaining property, he indicated "not at this time." The plaintiff's claim, therefore, boils down to a claim for the $6,350.00 being the proceeds of that part of the personal property sold by Narco.
Fleet relies on Connecticut General Statutes ยง52-355a entitled "Judgment Lien on Personal Property." Under subsection (a) Fleet has authority to file its judgment lien certificate in the Office of the Secretary of the State which it did as aforementioned.
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