Utility Financial Corp. v. Roberts

OPINION

By the Court,

Zenoff, J.:

On November 12, 1964 Utility Financial Corp. loaned $51,500 to Douglas Spencer and Associates and Lee V. Potter. The obligation was evidenced by a promissory note secured by á deed of trust on certain real property in Clark County, Nevada, including Lots 1 through 21, of Block 27, Solar Subdivision No. 1. The deed of trust contained a partial release clause to the effect that individual lots of the property would be released upon payment of $750.00, plus interest, for each lot to be released provided the obligation was not in default.

Allegedly Spencer failed to…