Vaughan v. Crown Plumbing & Sewer Service, Inc.

EVANS, Justice.

This is an appeal from a temporary injunction, enjoining a deed of trust foreclosure sale.

Crown Plumbing & Sewer Service, Inc. purchased an apartment project from David G. Gayne on May 13, 1974 for a total purchase price of $531,705.08. This sale was subject to, but not in assumption of certain indebtedness having an aggregate unpaid balance of $340,565.17, and secured by liens on the property as follows:(1) a first lien indebtedness evidenced by promissory note in the principal amount of $400,000.00 payable to Guardian Life Insurance Company of America having an unpaid balance…