Legal Opinion
Brad Associates v. Nevada Federal Financial Corp.
Nevada Supreme Court
Decided March 18, 1993No. 23089PublishedCited by 5 opinions
1Opinion of the Court
OPINION
2Per curiam
FACTS
In 1985 Andrew Fonfa, Daniel Packer, Ronald Sinclair and William Zuraff1 (collectively referred to as the “partners”) formed Brad Associates, a Nevada general partnership. The declared purpose of Brad Associates was “the business of constructing an apartment building . . . .”
To that end, the partners borrowed $750,000 from the Nevada Federal Financial Corporation (the “Credit Union”). The loan was secured by a six-month note, a deed of trust on real property, and an assignment of rents. The note was due and payable on November 20, 1985.
The partners elected to convert the…
3Cases cited3 opinions
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