Pierce v. DeZeeuw

Opinion by

Judge ROTHENBERG.

Plaintiffs, Thomas H. and Catherine Pierce, appeal the judgment of the trial court entered in favor of defendants, Mary Lou DeZeeuw and Jose A. Ramirez. We reverse and remand with directions.

I

In May 1983, defendants sold their residence to Investment Properties I. As part of the real estate transaction, defendants received a promissory note and deed of trust from Investment Properties I. The note was made payable to the defendants.

In September 1985, the defendants sold the promissory note to the plaintiffs in the following manner. The defendants executed an…