Manchester Bank v. Industrial Development Authority

This is a contract action brought by the Manchester Bank against the Industrial Development Authority (IDA). The plain*15tiff bank claims that the defendant IDA failed to make full payment under the terms of its guaranty. All questions of law raised by the pleadings, exhibits, and agreed statement of facts were reserved and transferred to this court without ruling by Keller, C.J.

On November 7, 1973, the bank agreed to loan Tricnit Industries, Inc. (Tricnit) $211,000 subject to IDA’s guaranty of part of the loan. The loan was also protected by a loan agreement, a promissory note, and a mortgage…