Lee v. Verex Assurance, Inc.

OPINION

In 1979 appellants Way W. Lee, his wife, Priscilla D. Lee, and his brother, Bryan D. Lee, began a joint venture to construct an eighty-four unit condominium complex in Reno. After construction difficulties, the Lees arranged for a loan through respondent Missouri Savings Association in the sum of $3,942,374.26 in May of 1982. As part of the loan package the Lees purchased loan insurance from respondent Verex Assurance.

The complex, initially known as Summersnow condominiums and later as Alpine Vista condominiums, experienced poor sales from a depressed local housing market and other…