Joseph R. Alvernes v. Small Business Administration

ALDRICH, Senior Judge.

Simplifying somewhat the facts, plaintiff-appellant was the owner of a parcel of land on which he had granted a first mortgage to the Small Business Administration, having a balance due of $66,-000, and a second mortgage to one Aquid-' neek, with a balance due of $6,800. Plaintiff defaulted on the payments and. the first mortgagee gave notice of a foreclosure sale. Prior to the sale, defendants Resnikoff and Chase, hereinafter defendants, 1 being desirous of purchasing at the sale, agreed with Aquidneck to take care of the second mortgage in return for Aquidneck’s…