Eastern Savings Bank v. City of Salem

After waiting out the applicable thirty-day appeal period, Eastern Savings Bank (the “Bank”), in reliance on a judgment entered in Superior Court under Mass.R.Civ.P. 70, 365 Mass. 836 (1974), advanced more than $1,000,000 on a construction loan secured by a first mortgage on a 3.95 acre *141parcel in Salem (the “locus”). Subsequently, title to the locus revested in Salem when the judgment relied on was vacated. The question posed by this action for declaratory relief is whether the city’s reacquired title is subject to the Bank’s mortgage. A judge of the Superior Court, acting on the pleadings…