Society for Savings v. Bragg

The present action has been brought by the plaintiff, Society for Savings, to foreclose a real property mortgage. The parties have stipulated to the following facts: The plaintiff is a mutual savings bank, chartered under a special act. On January 11, 1978, the defendant Bragg was indebted to the plaintiff, as evidenced by his promissory note for $650,000. To secure this note, Bragg executed a first mortgage deed to the plaintiff on a twenty-seven acre parcel of land located in the town of Cheshire. The said parcel, known as Highland Manor Apartments, was improved with fifty-six apartments.…