Security Bank and Trust Co. v. Beaufort

OPINION

FAY, Chief Justice.

This action arose from a construction-loan agreement between the mortgagors, Raymond and Louise Beaufort (the Beau-forts), and the mortgagee,. Security Bank and Trust Company (Security or bank). This appeal comes to us from a Superior Court interpleader judgment that distributed the foreclosure surplus on the property securing the construction loan. We affirm.

Security filed this interpleader action in Superior Court against defendants Edward Scowcroft (Scowcroft), the Beauforts, O’Connor Lumber Co. of Rhode Island, Inc. (O’Connor Lumber), and Allied Concrete Forms,…