Adams v. FedAlaska Federal Credit Union

OPINION

COMPTON, Justice.

This case raises issues concerning collection on a note secured by a second deed of trust.

I. FACTUAL AND PROCEDURAL BACKGROUND

In April 1983, Virginia Adams signed a promissory note in favor of FedAlaska Federal Credit Union (FedAlaska) for $36,250 plus interest. Concurrently, as security for the loan, Adams signed a deed of trust naming FedAlaska beneficiary. The deed of trust was a second deed of trust on the property. This loan was purportedly for property renovation, but that renovation was never completed. In 1985 FedAlaska advanced an additional $19,939.12 to…