Property Keyed to Saxer
Coraccio v. Lowell Five Cents Savings Bank
On June 29, 1984, Nancy Coraccio (Plaintiff) purchased property. In order to secure a loan from Lowell Five Cents Savings Bank (Defendant), Plaintiff conveyed the property to herself and her husband as tenants by the entirety. Plaintiff and her husband then took out a mortgage on the property. On July 21, 1988, Plaintiff’s husband took out a second mortgage on the property in order to obtain a $65,000 loan from Defendant. Plaintiff did not assent to the second mortgage and had no knowledge of it. Plaintiff’s husband defaulted and Defendant initiated foreclosure proceedings. Plaintiff sued, seeking declaratory relief and damages. Defendant moved to dismiss and the Superior Court judge dismissed the suit on all counts.
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