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ERBAFINA v. F.D.I.C.

Civ. A. No. 91-12111-RGS.

855 F.Supp. 9 (1994)

Charles D. ERBAFINA, Domenic Erbafina, and Ronald Cerra, Individually and as Trustees of C & E Realty Trust, v. FEDERAL DEPOSIT INSURANCE CORPORATION, As Receiver of New Bank of New England, N.A.

United States District Court, D. Massachusetts.

May 11, 1994.

Attorney(s) appearing for the Case

John P. Rauseo, Law Offices of John P. Rauseo, Lynnfield, MA, for plaintiffs.

Jeffrey R. Cohen, Wayne, Lazares & Chappell, Boston, MA, for defendants.

MEMORANDUM AND DECISION ON DEFENDANT'S MOTION FOR SUMMARY JUDGMENT

STEARNS, District Judge.

The plaintiffs, Charles Erbafina, Domenic Erbafina, and Ronald Cerra, individually and as trustees of the C & E Realty Trust executed a two year Note in the amount of $655,000 (the "Note") payable to Essexbank, a predecessor in interest to New Bank of New England ("NBNE"). Despite plaintiffs' continued, timely mortgage payments, NBNE made formal demand...

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