Phinney v. Levine

In 1965, George Phinney, Inc., agreed to build a dwelling for the defendant. The contract provided, “The builder shall furnish a bond by posting a mortgage running to the Owner ... to secure the performance of the contract and completion of the house.” Pursuant to this agreement the plaintiff and her husband, George Phinney, now deceased, executed a note and a mortgage of certain premises in favor of the defendant and his wife, which were subject to discharge “on completion of this building contract to the reasonable satisfaction ...” of the defendant, his wife, and a named bank. George…