Washington National Insurance Co. v. Sherwood Associates

OPINION

BILLINGS, Judge:

Darrell Tanner and The Ridge Athletic Club 1 (hereinafter collectively referred to as “Tanner”) appeal from a partial summary judgment and decree of foreclosure entered in favor of Washington National Insurance Company (“Washington”). We reverse and remand.

In December of 1979, Sherwood Associates (“Sherwood”) executed a $1.2 million note in favor of Bettilyon Mortgage Loan Company (“Bettilyon”). This note was secured by a deed of trust on real property commonly known as The Ridge Athletic Club. Subsequently, Bettilyon assigned its interest in the note to Washington.…