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Board approves pledge of liquor license as collateral in lending transaction for Primo Hospitality Solutions
Summary
The Fall River License Board approved a bank-requested pledge of a liquor license as collateral for a promissory note dated June 19, 2025, for Primo Hospitality Solutions LLC; bank counsel said the owner executed assignment documents at closing.
The Fall River License Board on Sept. 17 approved a request from Fall River 5 Cent Savings Bank to accept a liquor license for Primo Hospitality Solutions LLC as pledged collateral for a promissory note dated June 19, 2025.
Peter Salino, counsel for Fall River 5 Cent Savings Bank, told the board he represented the bank in the lending transaction and said the borrower agreed to pledge the license at closing. "For the record, my name is Peter Salino. I'm here tonight in my capacity as counsel to Fall River 5 Cent Savings Bank and incident to a lending transaction that occurred on 06/19/2025," Salino said. He reported that owner James Primo had signed assignment documents at closing.
The board took a motion to approve the pledge of collateral for Primo Hospitality Solutions LLC (36 Water Street); the motion was seconded and carried unanimously by the two members present. Board members said they had no objections to approving the pledge as a condition of the loan.
The board did not change license conditions; licensing staff will note the pledge in the license records and advise the licensee and bank about any administrative follow-up required for the security interest to be reflected in city records.
The action was administrative: the board reviewed counsel—s representation that documents had been executed and voted to allow the pledge of the alcohol license as collateral for the loan.
