loan officer for his bank's failure to clean up a property on which it made a loan. James Wallace, a vice president at Bridgeport-based People's Bank, had been arrested and charged with violating the state building code. A local building inspector invoked a seldom-used section of the code that held the bank responsible even though it had not foreclosed. Problems began after a fire on the property. The borrowers, who live in Florida, did not clean up the mess and stopped making payments to People's. The inspector, Gene Bolles, found Mr. Wallace's name in the property mortgage file. After the inspector and the bank failed to reach an agreement, Mr. Bolles charged Mr. Wallace with failure to comply with the building code. Mr. Bolles said he believes the ruling in Rockville Superior Court was unfortunate, and still is unsure who will pay for the cleanup.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.