Mutual Bank for Savings v. Silverman

This action was commenced by the plaintiff on *1060three separate commercial loans made by the plaintiff to the defendant trust in 1963, 1964, and 1965. The trust made three promissory notes payable to the plaintiff, and the loans were secured by mortgages on three separate real estate parcels. In addition, Maurice Silverman individually executed a separate guaranty of each promissory note. After the loans were made, the mortgaged properties underwent a series of transfers which culminated in their ownership by the Wells Realty Trust. There were defaults incurred on each promissory note, mortgage,…