Question
Vivian Rima and her family owned several real estate businesses. Vivian was the president and sole shareholder of Rima Property Corporation. She was a general
Vivian Rima and her family owned several real estate businesses. Vivian was the president and sole shareholder of Rima Property Corporation. She was a general partner of RI Properties, which owned a home in Connecticut that served as the Rimas summer home. She was the only limited partner in RI Investment Group and was the sole shareholder of Rima 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). Rima Investment Corp. signed a loan document with Customer Bank with Vivian Rima as a guarantor on the loan. Rima 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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