Sadow v. Losh

On February 1, 1968, defendant Losh, as trustee under a trust mortgage, entered into an agreement with plaintiff Sadow to sell the Dryden Ski Area, real estate held by the defendant 1 as trustee. At no time did the defendant seek or receive express approval from the mortgage note holders to sell the trust property to the plaintiff.2 Defendant Losh ultimately refused to complete the sale of the property, whereupon plaintiff instituted the present suit seeking specific performance or, in the alternative, damages.

Construing the terms of the trust instrument, the trial court determined that…