Vanguard Federal Savings Bank v. Foxglove Ventures Inc.

ACKERMAN, J.,

On December 30, 1982, plaintiff, Vanguard Federal Savings Bank, loaned $1.4 million to individual defendant Daniel A. Marino Jr. to develop realty known as the Saybrook Village Plan of Lots, Phase III. Vanguard secured Marino’s obligation to repay the loan by obtaining a mortgage on the Saybrook property and a note from Marino. Subsequently, at no. 6683 of 1986 Vanguard confessed judgment against Marino on the note in the amount of $1,467,626.50. In addition, Vanguard filed a separate foreclosure action upon which judgment was entered, and a sheriffs sale of the Saybrook property…