JOSEPH F. SANSON INVESTMENT CO. v. Cleland

OPINION

Joseph F. Sanson Investment Co., a limited partnership (Sanson), bought a trailer park in North Las Vegas, Nevada, from C. R. Cleland and C. R. Cavanaugh in July, 1971. The. purchase agreement provided that Sanson would assume an existing promissory note secured by a first deed of trust on the property, and also required that Sanson execute a second deed of trust in favor of Cleland and Cavanaugh to secure a second promissory note in the amount of $100,000. The note was without interest and payable in yearly installments of $10,000, beginning June 30, 1973. No payment was made on the…