Newman v. Randall

This is a declaratory judgment action to construe a land sale contract. The issue is the amount of a balloon payment that plaintiffs were to pay defendant as trustee of the Randall Company Profit Sharing Trust (defendant),1 on January 15, 1986. The trial court held that the payment was the approximately $20,000 plaintiffs tendered, rather than the approximately $139,000 defendant demanded. Defendant appeals, and we affirm.

In 1966, Randall built an apartment complex in southeast Portland. The predecessor of Far West Federal Bank provided the financing; Far West Federal Bank retains a mortgage…