Fox v. First Western Savings & Loan Ass'n

OPINION

By the Court,

Zenoff, J.:

H & H Investment Corporation through one of its principals, George Fox, borrowed $1,187,800 from First Western Savings and Loan Association to construct 62 homes on the Capitol Hills Tract subdivision in Clark County. In order that they be in a priority position First Western required that two debts be cleared before the loan would be made. To accomplish that Fox arranged that a $40,000 debt be paid in cash from the loan funds but the other, for $59,700, secured by first deed of trust to the property, was to be liquidated by an assignment from H & H to the First…