Morris DeLee Family Trust v. Cost Reduction Engineering, Inc.

*485OPINION

On January 19, 1979, Morris DeLee sold 2,040 acres of undeveloped land in the Amargosa Valley in Nye County, Nevada, to Cost Reduction Engineering, Inc. (CRE) and James E. Owen for the sum of $612,000. CRE paid $175,000 to DeLee and executed a promissory note in favor of DeLee for the balance of $437,000. Payment of this note was guaranteed by Owen individually and secured by a deed of trust executed and recorded on January 25, 1979. The principal of the note was payable in three annual installments of $150,000 each and due on the first day of January in 1980, 1981, and 1982…