Richard H. Sikes, Inc. v. L & N CONSULTANTS, INC.

HALL, Justice.

On August 25, 1972, Lomas & Nettleton Financial Corporation loaned $2,314,645.00 to First National Development Company. The money was used by First National, as intended by the parties, to acquire 34.86 acres located in the City of Dallas and to develop the land into lots for the construction of 250 townhouses to be known as Preston Square. The loan was evidenced by First National’s promissory note dated August 25, 1972; and it was secured by First National’s deed of trust-which was recorded on August 28, 1972. The trust deed conveyed the 34.86 acres which would be developed…