Lineham v. Southern New England Production Credit Ass'n

The issue in this case is whether the Superior Court (Dalianis, J.) properly enjoined the defendant from foreclosing its mortgage on the plaintiffs’ property. We hold that the defendant was entitled to foreclose in order to collect interest that *181had accrued on a note executed by the plaintiffs. Accordingly, we reverse.

In October 1976, the plaintiffs executed a promissory note to Southern New England Production Credit Association (Southern). The note was secured by a lien on the “Two Jims,” a shipping vessel, and by a second mortgage in the amount of $75,000 on real estate the plaintiffs owned…