Turner v. Dewco Services, Inc.

OPINION

By the Court,

Zenoff, C. J.:

Under date of January 6, 1967 Dewco Services, Inc., contracted to sell the Thunderbird Hotel in Las Vegas to Lance, Inc., for $13,000,000. Terms of sale included a cash down payment of $1,150,000 and the assuming by the buyer of two already outstanding promissory notes secured by deeds of trust totalling $7,560,000, the additional assumption of certain trade obligations and the execution of a third promissory note to Dewco for $3,863,407.87 which also was secured by a third trust deed against the property.

A more detailed statement is recited in the federal…