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Phillip Rideout and his family owned several real estate businesses. Phillip was the president and sole shareholder of Rideout Property Corporation. He was a general
Phillip Rideout and his family owned several real estate businesses. Phillip was the president and sole shareholder of Rideout Property Corporation. He was a general partner of RI Properties, which owned a home in Connecticut that served as the Rideouts' summer home. He was the only limited partner in RI Investment Group and was the sole shareholder of Rideout Investment Corp., the general partner for RI Investment Group. Each of these entities was a separate legal entity and followed all the required processes for remaining separate (separate accounting and bank accounts, separate insurance policies and licenses as needed, etc). Rideout Investment Corp. signed a loan document with Customer Bank with Phillip Rideout as a guarantor on the loan. Rideout Investment Corp. defaulted on the loan and Customer Bank sued to foreclose on the property and obtain a judgment for any amount still owed. RI Properties wrote a check to Customer Bank for the balance of the loan, which Customer Bank accepted and deposited
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