United States v. Loosley

CROCKETT, Justice:

The United States (Small Business Administration) brought a foreclosure action on a service station at Cedar City after the lessors, George and Theodean Loosley, failed to repay a Small Business Administration loan.

Defendants Sterling and Donna Grif-fiths bid in and purchased the mortgagee’s interest in the property at the sheriff’s sale held on December 13, 1974. Subsequently, the Loosleys had assigned their interest to the defendants, Marion and Gladys Ham-mon, and the Hammons thereafter assigned their rights of redemption to defendant, Basic Investment, Inc., (hereinafter…