HILL, Justice.
Defendant, Thunder Road Enterprises, Inc. (TRE), owned property in the Town of Barre on which plaintiff, First Vermont Bank and Trust Company, held a first mortgage. On January 30, 1978, TRE sold the property to defendant, Kalomiris, who assumed TRE's first mortgage to plaintiff, and who gave a second mortgage on the same property to TRE. Kalomiris subsequently defaulted on both mortgages.
On November 30, 1978, plaintiff commenced an action...
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