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SOMERSET SAVINGS BANK v. CHICAGO TITLE INS. CO.

No. 93-P-154.

37 Mass. App. Ct. 82 (1994)

636 N.E.2d 1358

SOMERSET SAVINGS BANK vs. CHICAGO TITLE INSURANCE COMPANY.

Appeals Court of Massachusetts, Suffolk.

July 27, 1994.

Attorney(s) appearing for the Case

David L. Klebanoff for the plaintiff.

Gordon M. Orloff for the defendant.

Present: FINE, KAPLAN, & IRELAND, JJ.

KAPLAN, J.

The plaintiff Somerset Savings Bank (Bank) in 1986 undertook to finance the acquisition by a developer of property located at 190 North Shore Road, Revere. The Bank further agreed to finance the construction of seventy-two condominium units on the property. In consequence, the Bank was to become the holder of a note in the amount of $9.5 million secured by a mortgage of the land and any improvements.

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