(Download) "Chestnut Manor v. Nicholas Abraham" by Appeals Court of Massachusetts " Book PDF Kindle ePub Free

May 09, 2021

eBook details

Title: Chestnut Manor v. Nicholas Abraham
Author : Appeals Court of Massachusetts
Release Date : January 29, 1983
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 66 KB

Description

The plaintiff sought recovery on a ""guaranty"" executed by the defendant of a note secured by a second mortgage. The case was submitted to the trial court upon a statement of agreed facts, and judgment was entered for the plaintiff. We affirm. On September 1, 1959, trustees of M & N Realty, owner of property in Brookline (""the property""), gave a note, secured by a second mortgage, in the amount of $155,000 to the plaintiff. There was at that time a $280,000 first mortgage on the property. On June 24, 1967, the defendant, who then held title to the property, and the plaintiff executed a document in which the plaintiff agreed to subordinate the second mortgage to a new first mortgage of $300,000. In exchange, the defendant agreed, among other things, to guarantee the ""punctual payment of the note secured by said second mortgage,"" explicitly stating that his ""liability . . . on this Guaranty shall be direct and not conditional or contingent upon the pursuit of any remedies against maker or makers, endorser or endorsers, or any collateral held as security for the payment of said note.""