Lockhart Co. v. Equitable Realty, Inc.

HALL, Chief Justice:

Plaintiff The Lockhart Co. (Lockhart) brought this action to recover the balance owing on a promissory note secured by a deed of trust to real property. Summary judgment was granted in favor of Lockhart and defendants appeal, contending that the trial court erred in granting judgment on the note prior to the time the security was exhausted.

Lockhart loaned to defendants the sum of $8,090, evidenced by the promissory note in question and secured by a deed of trust to certain real property in Utah County. At the time of that transaction, Zions First National Bank (Zions) held…