Priesmeyer v. Pacific Southwest Bank, F.S.B.

Appellant Edwayne G. Priesmeyer appeals the grant of summary judgment in favor of appellee Pacific Southwest Bank, F.S.B. We will reverse the trial-court judgment.

On December 31,1984, Thomas and Myrna Kielman executed a $400,000.00 note payable to Southwest Security Financial Corporation (“Southwest”). On January 7, 1985, Southwest conveyed its interest in the note and deed of trust to Independence Savings and Loan Association (“Independence”). On October 4, 1985, Priesmeyer assumed the Kiel-man’s obligations under the note and deed of trust pursuant to an assumption agreement executed by…