Rustic Hills Shopping Plaza, Inc. v. Columbia Savings & Loan Ass'n

ROVIRA, Justice.

Petitioners appeal a district court denial of a preliminary injunction to bar the foreclosure sale of certain property. We affirm.

I

On April 5, 1968, Smartt Construction Company, B.H. Smartt, and M.A. Smartt (Smartt) executed a deed of trust in favor of Columbia Savings and Loan Association (Columbia) encumbering the Rustic Hills Shopping Center in Colorado Springs. The deed of trust secured payment of a promissory note for $1,800,000 payable in monthly installments and contained a “due-on-sale” clause, which provided that “[i]n the event of the sale or transfer of the real…