Rhode Island Recreational Building Authority v. Industrial National Bank of Rhode Island

OPINION

BEVILACQUA, Chief Justice.

This is an action wherein the plaintiff, the Rhode Island Recreational Building Authority, seeks to recover money paid to the defendant, Industrial National Bank of Rhode Island, because of a default of mortgage payments on the part of the Community Hotel Corporation. The defendant filed a motion for summary judgment that was granted by the trial justice. The case is before this court on the plaintiffs appeal from said judgment.1

The plaintiff, pursuant to G.L.1956 (1969 Reenactment) § 42-38-2, entered into a “Commitment Agreement” with the Community Hotel…