Flood v. Caron

The question in this case is whether the Superior Court (Cann, J.) erred in approving the decision of arbitrators who approved a fourth mortgage as security under an agreement of the parties. We affirm.

On September 17, 1976, the defendants, Henry E. Caron and Ann Caron, sold the Latón House, a hotel in Nashua, to the plaintiffs, Peter J. Flood and David A. Gregg, III, and took back a note and first mortgage in payment of the purchase price. Under the agreement of the parties, the sellers agreed to subordinate their mortgage on request, provided that subordination was “reasonably required to…