People's Sav. Bank in Providence v. Champlin Lbr. Co.

This bill in equity was brought in the Superior Court to determine whether People’s Savings Bank, the holder of first mortgages on two parcels of real estate, or The Champlin Lumber Company, the holder of subsequent encumbrances on the same property, is entitled to the surplus proceeds realized when People’s foreclosed its mortgages. From a judgment 1 in favor of Champlin, People’s has appealed.

The facts are stipulated and, in any event, briefly stated. People’s made loans to the debtors on November 20, 1959, December 17, 1959, and December 22, 1960. Each loan was secured by a duly recorded…