Globe Iron Construction Co. v. First National Bank

The First National Bank of Boston filed its bill in the court below, alleging that Times-World Corporation had leased certain land in the city of Roanoke to Towers Shopping Center, Incorporated, on which the latter had agreed to construct a shopping center at a cost of at least $2,500,000; that the bank had entered into an agreement with Towers to make a construction loan of $3,000,000 on the property; that pursuant to this agreement Towers had executed and delivered to the bank three notes, payable to the bank, in the principal sums of $2,500,000, $500,000, and $500,000, respectively, each…