Mutual Reserve Association v. Zeran

The plaintiff, Mutual Reserve Association, instituted this action to foreclose two trust deeds given to secure the payment of certain negotiable bonds executed by the defendants Zeran and wife. The Massachusetts Mortgage Company was made a party defendant because of its being the holder of two mortgages, also made by Zeran and wife, which mortgages were junior to the trust deeds held by the plaintiff. By answer and cross-complaint, the mortgage company sought foreclosure of its mortgages, subject only to the trust deeds. The individual defendants, doing business as the Francis Construction…