Nicholas McPickolus Realty Corp. v. Jamaica Plain Cooperative Bank

On January 7, 1976, the plaintiff realty corporation (“McPickolus”) purchased from one Siersdale a dilapidated rental property (“property”) for a nominal consideration, but subject to a mortgage given by Siersdale in 1973 to the defendant bank. On February 26, 1976, the mortgage payments being then four months in arrears, McPickolus entered into an agreement with the bank by which the bank recast the mortgage to bring arrearages up to date, adding arrearages to principal, and McPickolus agreed to assume the mortgage payments. One of the items then in arrears related to real estate taxes…