First Federal Savings & Loan Ass'n v. Finn

Gregory, Chief Justice:

Respondent commenced this foreclosure action pursuant to a note and mortgage given to secure a construction loan for $129,600. Appellants counterclaimed for damages on various causes of action alleging respondent mishandled disbursement of the loan proceeds to appellants’ contractor. Appellants also sought to impose an equitable lien on the property with priority over respondent’s mortgage lien. The *230trial judge granted respondent summary judgment on this cause of action and this appeal follows. We affirm.

In May 1986, appellants signed a contract to purchase a…