Shane v. WINTER HILL FEDERAL SAVINGS & LOAN ASS'N

397 Mass. 479 (1986)

492 N.E.2d 92

RICHARD SHANE, trustee,[1] & another[2]

vs.

WINTER HILL FEDERAL SAVINGS AND LOAN ASSOCIATION.

Supreme Judicial Court of Massachusetts, Middlesex.

February 5, 1986.

May 7, 1986.

Present: LIACOS, NOLAN, LYNCH, & O'CONNOR, JJ.

Floyd H. Anderson for the plaintiffs.

Eugene F. Grant for the defendant.

LYNCH, J.

The novel question presented by this case is whether an agreement between the mortgagor of a parcel of land and the first mortgagee to increase the rate of interest on the mortgage is binding on the second mortgagee and consequently on the plaintiffs, as nominees of…