Federal Land Bank of Wichita v. Colorado National Bank of Denver

Opinion by

Judge MARQUEZ.

Defendant, Colorado National Bank, appeals from an adverse summary judgment which ruled that plaintiff, Federal Land Bank (Land Bank), held a first lien on a certain tract of real estate. We affirm.

The material facts are not in dispute. Weisbart & Weisbart, Inc., was the owner of certain real property located in Conejos County, Colorado, known as the Alamosa Ranch. In November of 1978, Weisbart obtained a $2,350,000 loan from the Land Bank. In exchange, Weisbart gave the Land Bank both a promissory note and a mortgage on the ranch to secure repayment of the obligation.…