Insight Assets, Inc. v. Farias

INTRODUCTION

Associate Chief Justice NEHRING,

opinion of the Court:

1 This case concerns the relative priorities of a vendor purchase money mortgage and a third-party purchase money mortgage, and the application of the doctrine of laches to purchase money mortgagees who fail to assert their claims in a timely manner. We conclude that, although Insight Assets, as vendor purchase money mortgagee, may have a superior claim of right, its claim is barred by the doctrine of laches, and accordingly affirm.

BACKGROUND

12 In 2004, Joseph and Denise Phalen (Sellers) owned property located in Ogden, Utah.…