Mark VII Financial Consultants Corp. v. Smedley

OPINION

BENCH, Judge:

Plaintiff appeals a jury verdict awarding it damages for breach of contract and conversion. We affirm, but modify the judgment against defendant The First National Bank of Layton (Bank).

Prior to this dispute, defendant Dale Smedley owned approximately 200 acres of land in Morgan County, Utah. The land was mortgaged to the General Electric Credit Corporation (GECC) in the amount of $112,500. In June 1984, Smedley entered into a joint venture with plaintiff Mark VII Financial Consultants Corporation to develop the property. Plaintiff agreed to pay $100,000 cash to GECC on…