First National Bank of Boston v. City of Lewiston

ROBERTS, Justice.

Ancillary to its action for a declaratory judgment, First National Bank of Boston, claiming a security interest in property dis-trained by the City of Lewiston, filed a motion to preliminarily enjoin the City from selling the property and from dissipating the proceeds of a sale that had been held. The Superior Court (Androscoggin County, Alexander, J.) denied the motion. On the Bank’s appeal from the denial, we affirm the decision of the Superior Court.

I

In 1976 the Bank entered into a security agreement with Bates Fabrics, Inc., taking a secured interest in all of Bates’s…