THIM, J.
On May 29, 1963, the defendant, a beach association created by the General Assembly by No. 467 of the 1943 Special Acts (24 Spec. Laws 308), purchased, by quitclaim deed from William P. Jones, as trustee of the estate of Elizabeth C. J. Beach, a piece of shorefront real estate located in the town of Old Saybrook. As part of the purchase price, it executed nine promissory notes made payable to Jones, as trustee. To secure the payment of these notes, the defendant...
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