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EASTERN SAVINGS BANK v. SALEM

No. 91-P-177.

33 Mass. App. Ct. 140 (1992)

597 N.E.2d 55

EASTERN SAVINGS BANK & another vs. CITY OF SALEM.

Appeals Court of Massachusetts, Essex.

August 3, 1992.

Attorney(s) appearing for the Case

Kevin T. Daly, City Solicitor, for the defendant.

William H. Sheehan, III, for Mike Stasinos.

Christopher P. Sullivan for Eastern Savings Bank.

Present: BROWN, KASS, & LAURENCE, JJ.

KASS, J.

After waiting out the applicable thirty-day appeal period, Eastern Savings Bank (the "Bank"), in reliance on a judgment entered in Superior Court under Mass.R.Civ.P. 70, 365 Mass. 836 (1974), advanced more than $1,000,000 on a construction loan secured by a first mortgage on a 3.95 acre parcel in Salem (the "locus"). Subsequently, title to the locus revested in Salem when the judgment relied on was vacated...

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