VALLEY STREAM TEACHERS FED. CR. UN. v. COMMR. OF BK.


376 Mass. 845 (1978)

384 N.E.2d 200

VALLEY STREAM TEACHERS FEDERAL CREDIT UNION & others vs. COMMISSIONER OF BANKS & others.

Supreme Judicial Court of Massachusetts, Suffolk.

December 18, 1978.


Attorney(s) appearing for the Case

Donald J. Wood (Frank J. Teague with him) for Massachusetts Credit Union Share Insurance Corporation & another.

William A. McCormack, Jr. (E. Susan Garsh & Elizabeth K. Ainslie with him) for Valley Stream Teachers Federal Credit Union & others.

Harvey Weiner for Paul J. Phillips & others.

Present: HENNESSEY, C.J., QUIRICO, KAPLAN, WILKINS, & ABRAMS, JJ.


HENNESSEY, C.J.

We have before us an appeal brought by the defendants Westover Credit Union (Westover) and Massachusetts Credit Union Share Insurance Corporation (Share Insurance) from a summary judgment entered against them concerning money borrowed by Westover. The controversy at issue arose out of an interlending arrangement participated in by all of the party credit unions. We affirm.

The facts are as follows. Westover is a credit union chartered under...

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