Lockhart Co. v. Anderson

OAKS, Justice:

This is a lender’s suit to foreclose on the buyer’s interest in a real estate contract the borrower (buyer) had assigned as security for the loan. The district court gave summary judgment for the lender, respondent Lockhart. Parties who have succeeded to some portion of the borrower’s interest in the contract took this appeal, challenging Lockhart’s right to have the judgment of foreclosure include the advances it made to a senior lienholder, plus attorneys’ fees and interest applicable thereto.

On October 1, 1973, TSC Associates (“TSC” or “borrower”), a limited partnership,…