Gladstone v. Union Warren Savings Bank

The plaintiff appeals from an order sustaining the defendant’s demurrer in an action in contract without leave to amend. The declaration avers that in March, 1969, the defendant loaned the plaintiff $600,000 payable in ten years with interest at eight percent per annum in exchange for a promissory note secured by a mortgage on real property of the plaintiff. In April, 1971, although there was no prepayment clause in the note or mortgage, the defendant agreed to waive the balance of the interest on the note and any penalty for prepayment on condition that the plaintiff prepay the balance of…