Merchants Co-operative Bank v. Pasqualucci

This is an action of contract brought by a cooperative bank established and operating under G. L. c. 170 to recover from the original maker of a mortgage note a deficiency remaining unpaid after foreclosure of the mortgage and application to the amount due of the proceeds of the foreclosure sale. On August 9,1926, the defendant borrowed $5,000 from the plaintiff (hereinafter called the bank) and gave to the bank a real estate mortgage for that sum in the statutory cooperative bank form and a *342“Real Estate Loan Note” in accordance with G. L. c. 170, § 26, wherein she pledged to the bank…