Peoples Heritage Bank v. City of Saco

GLASSMAN, Justice.

Peoples Heritage Bank (“Bank”) appeals the Superior Court’s order (Cumberland County, Alexander, J.) granting a summary judgment to the City of Saco (“City”) and denying the Bank’s motion for reconsideration and to alter or amend the judgment. At issue is whether the Bank may recover from the City under an agreement making the city a guarantor for a $180,000 loan to U.S. Peat and its president, Raymond Contarino, neither of whom join in this appeal. Because we find that the City had not accepted federal aid at the time it guaranteed the loan as required by 30 M.R. S.A. §…