National Shawmut Bank v. Hartford Accident & Indemnity Co.

Finletter, P. J.,

The defendant gave its surety bond for the benefit of first mortgage bondholders to insure the completion of a certain building, payment of the contract price, freedom from liens and against default in the performance of the mortgage and bonds.

A balance of $275,000 of the contract price remains unpaid, liens to that amount have been filed, $162,000 of which are conceded to be valid; interest and other payments due under the mortgage are in default. In addition, under the terms of the mortgage, the principal has become due and remains unpaid.

So that in all the above respects…