Teratron General v. Institutional Investors Trust

Facts of Case

The owners of the Federal Way Shopping Center appeal from a $2,216,986 judgment against them which also decreed foreclosure of a deed of trust against the shopping center and dismissed their claim for declaratory relief.

Teratron General and Pacific Security Financial Corporation, both California corporations, and Ira Terry, a California resident, were the makers of a promissory note and grantors of a deed of trust. Prior to the commencement of this action, Pacific Security Financial Corporation and Terry sold their interests in Federal Way Limited, a California limited…