Thorn Creek Cattle Ass'n, Inc. v. Bonz

BISTLINE, Justice.

BACKGROUND

On January 10, 1985, the Haye Group and respondents Kawamoto contracted with Thorn Creek for the acquisition of 135 acres of unimproved property located at the intersection of U.S. 93 and 1-84 in South Central Idaho. The Haye Group and Kawamotos intended to market the property for development. Pursuant to the land contract with Thorn Creek, the Haye Group paid $100,000.00 down and signed a promissory note secured by a mortgage for the remaining $600,000.00. No payments were ever made on the note.

After the formation of the contract, certain Thorn Creek shareholders…