Olson v. Iacometti

OPINION

By the Court,

Bat jer, J.:

In 1965, appellant Dean V. Olson purchased certain property at Lake Tahoe from Logan Creek Estates, Inc. He made a down payment of $56,500 and gave Logan Creek a note for the balance secured by a first deed of trust on the property. The down payment was part of $60,000 borrowed from respondents, evidenced by a note for $69,000, and secured by a second deed of trust on the realty purchased from Logan Creek.

Appellant was unable to meet payments on either note. Pursuant to the terms of the Olson-Iacometti note, upon default by appellant, First Title Insurance…