Rhode Island Hospital Trust National Bank v. Post

After bringing this action seeking payment of three promissory notes on which Post2 had defaulted, the plaintiff bank obtained a preliminary injunction against Post, enjoining him from conveying any of the trusts’ assets including a parcel of ninety-seven acres of land owned by Crossroads Realty Trust. The plaintiff bank held a second mortgage on that parcel. Subsequent to the issuance of the injunction, Post entered into a purchase and sale agreement for two acres of that parcel and obtained the consent of the first mortgagee to the sale. The plaintiff bank as second mortgagee refused to…